Security News > 2024 > February > Singapore's monetary authority advises banks to get busy protecting against quantum decryption

"Leading experts forecast that cyber security risks associated with quantum will materialize in the coming decade," reasoned [PDF] the MAS. Cryptographically relevant quantum computers "Would break commonly used asymmetric cryptography, while symmetric cryptography could require larger key sizes to remain secure," it added.

The monetary authority warned that the security of financial transactions and sensitive data financial institutions process could be at risk, thanks to quantum computers that can "Break some of the commonly used encryption and digital signature algorithms."

Suggestions on how to keep on top of things include watching out for quantum computing developments that could pose threats, and the ability to mitigate them through PQC and QKD, ensuring third parties and management aren't out of touch when it comes to the risk, and monitoring the cryptographic solutions used by institutions - particularly which ones are vulnerable and need replacement.

Stas Protassov, executive board member of cyber security firm Acronis, told The Reg that the urgency to address quantum computing arises because encrypted network communications - often used for transferring data that remains sensitive for extended periods - are susceptible to a "Capture now decrypt later" attack strategy.

"Typical users seldom change their passwords, leaving captured encrypted sessions vulnerable to decryption when quantum computers become available in the future," warned Protassov.

"While the advent of quantum computing presents challenges, the onset of a 'quantum apocalypse' is not immediate," he assured us.

News URL

https://go.theregister.com/feed/www.theregister.com/2024/02/21/mas_warns_quantum_computing/