The 2024 Quantum Threat Timeline Report suggests that the timeline for the development of quantum computers that could threaten cryptography used for cybersecurity has accelerated. This companion report summarizes insights from financial industry executives on their organizations’ readiness for quantum-safe cryptography and the factors they believe will influence the timelines for a quantum-safe migration.
The companion report is based on interviews primarily with executives from financial institutions, as well as some representatives from the regulatory, telecommunications and information security communities, both in Canada and globally.
All those interviewed were aware of the quantum threat, and noted that leadership at their organizations is conversant in the issue, which was a notable change from the previous year’s report. Most were familiar with the National Institute of Standards and Technology’s post-quantum cryptography standards that were published in 2024, and all agreed that clear directives or actions from regulators would trigger immediate action from financial institutions. There was, however, disagreement on the timing of regulatory action, with estimates ranging from a year to five years. Participants also agreed that the risks and benefits of quantum computing are closely tied to those of AI.