This webinar is crucial for financial executives, technology leaders and cybersecurity professionals, offering insights on how to navigate the evolving world of quantum computing. It covers both the opportunities and risks associated with quantum computing and discusses strategies to help the financial sector prepare for quantum threats.  

Potential Applications and Latest Advancements

Leading quantum computing and cryptography researcher Dr. Michele Mosca reviewed the unique characteristics of quantum computers, discussed the latest developments in the field, and explored their implications for organizations, particularly those in the financial sector. He stressed that quantum computers have the potential to outperform conventional computers for some tasks, such as complex calculations, but not all, and that new applications continue to emerge. 

Dr. Mosca discussed the importance of error correction, and how improvements in this area have made quantum computers more functional in practical settings. While he noted that quantum computing is currently most useful for research and development, he added that experts expect it to become viable for commercial applications in the next 3-10 years.

Risks of Quantum Computers and Mitigation Strategies

The primary risk of quantum computers is their potential to break the encryption algorithms that governments, businesses and others use to secure sensitive systems and data. Dr. Mosca stressed that organizations with complex systems will require several years to transition to quantum-safe protocols. While major technology and finance players such as Apple and J.P. Morgan Chase have begun the process, time is running out for those who have not. Current government and industry goals aim to generate quantum resilience across most systems by 2033.

Dr. Mosca recommended that all organizations conduct a quantum readiness assessment to understand the impact on stakeholders if a cryptographic algorithm is compromised, and to evaluate the necessary responses to restore normal operations. He noted that we have been fortunate that quantum computers have not yet threatened the security of individuals and institutions, but emphasized the need to improve our readiness and resilience against potential quantum attacks.

Additional Content

• Quantum Threat Timeline Report 2024
• Quantum Computing in Finance: A New Era of Computational Power
• Quantum Threat Timeline: Executive Perspectives on Barriers to Action