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Devi Sridhar

break them fast enough. However, quantum computers will be able to solve hard mathematical problems exponentially faster than digital supercomputers. This will make asymmetric cryptography obsolete and will weaken other cryptographic keys and hashes. Theoretically, a fully functioning quantum computer could break an asymmetric key in a matter of minutes. Public keys are especially vulnerable because most of them are based on the factorization problem: it is hard for digital computers to find two prime numbers from their product. Quantum computers, by contrast, can do

Mr. Michael Gorbanyov, Majid Malaika, and Tahsin Saadi Sedik
The era of quantum computing is about to begin, with profound implications for the global economy and the financial system. Rapid development of quantum computing brings both benefits and risks. Quantum computers can revolutionize industries and fields that require significant computing power, including modeling financial markets, designing new effective medicines and vaccines, and empowering artificial intelligence, as well as creating a new and secure way of communication (quantum Internet). But they would also crack many of the current encryption algorithms and threaten financial stability by compromising the security of mobile banking, e-commerce, fintech, digital currencies, and Internet information exchange. While the work on quantum-safe encryption is still in progress, financial institutions should take steps now to prepare for the cryptographic transition, by assessing future and retroactive risks from quantum computers, taking an inventory of their cryptographic algorithms (especially public keys), and building cryptographic agility to improve the overall cybersecurity resilience.
Mr. Michael Gorbanyov, Majid Malaika, and Tahsin Saadi Sedik

/2 , n being the number of bits used for the hash output. Therefore, longer hash functions like the SHA-3 family, which typically generate 256-bits outputs, are considered quantum safe and expected to remain as approved standards for now. Public (or asymmetric) keys, however, can become obsolete with quantum computing. Theoretically, a fully functioning quantum computer can break an asymmetric key in a few hours by using Shor’s algorithm and related optimizations ( Gidney et al., 2019 ). Furthermore, researchers believe that advancements in quantum computing