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Mr. Michael Gorbanyov, Majid Malaika, and Tahsin Saadi Sedik

internalized these novel risks yet. While waiting for quantum-safe encryption standards, financial system regulators can play an important role by raising awareness of potential risks. Financial institutions should take steps now to prepare for a cryptographic transition. They should assess future and retroactive risks from quantum computers, including from information that has already been captured or that may be captured now, stored and exploited years later. Financial institutions should develop plans to migrate current cryptography to quantum-resistant algorithms. As a

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
Devi Sridhar

The race to develop new quantum-safe encryption standards and algorithms has begun already. In the United States, the National Institute of Standards and Technology is running a competition to develop quantum-safe encryption algorithms. It hopes to announce a winner by 2024. The European Telecommunications Standards Institute is also taking a lead. These efforts are feeding into the activities of other standard-setting bodies. Because of retroactive risks, however, financial institutions have a narrow window to implement the new standards. Financial institutions