G7 Cyber Expert Group Statement on Planning for the Opportunities and Risks of Quantum Computing

HM Treasury has published a statement (dated September) by the G7 Cyber Expert Group on planning for the opportunities and risks of quantum computing. The Cyber Expert Group encourages jurisdictions to monitor developments in quantum computing, to promote collaboration among relevant public and private stakeholders, and to begin planning for the potential risks posed by quantum computing on some current encryption methods. The Cyber Expert Group explains that the development of an operational quantum computer (or hybrid computer) is increasingly possible within a decade, although its capability to undermine existing cryptography, at least initially, remains uncertain. However, as it may take significant time and economic effort for financial entities to coordinate activities to mitigate vulnerabilities in anticipation of a postquantum environment, entities should prepare for the emerging risks as soon as possible. The Cyber Expert Group recommends financial entities consider: (i) developing a better understanding of quantum computing, the risks involved and strategies for mitigating those risks; (ii) assessing quantum computing risks in their areas of responsibility; and (iii) developing a plan for mitigating quantum computing risks.

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