We emphasize and encourage links between academic researchers and practitioners at financial institutions to bring theoretical techniques to bear on realworld issues.

Cyber Security and FraudTechnology Innovations

Quantum Threat and Mitigation

Emerging quantum technologies threaten the foundational tools and systems used by financial institutions. The risks include widespread compromise of private information, loss of trust in financial systems, and the breakdown of information systems upon which institutions rely for core business functions.

Although the threat may be a few years away, developing and deploying replacement technologies will also take many years. It is far from clear that reliable solutions will be deployed in time. Making appropriate decisions amongst the possible risk reduction or mitigation strategies required information that is simply not readily available. Part of the information is present in academic literature, but there are gaps in the fundamental knowledge, and there is a lack synthesis between relevant knowledge and its application

The aim of this research is to produce key pieces of missing and necessary research, benchmarking and analysis in order to make practical estimates of the quantum threat and mitigation timelines. Combined with the results of other research work, financial institutions will be in a much better position to make informed risk management decisions, to reduce their eventual transitions costs to quantum-safe technology, and to protect the strong global reputation of the Canadian financial services system.  



University of Waterloo

Project Lead:

Michele Mosca

Lead Researcher

Michele Mosca

Michele Mosca obtained his doctorate in Mathematics in 1999 at Oxford on the topic of Quantum Computer Algorithms.  He joined the Waterloo faculty in 1999. He is co-founder of the Institute for Quantum Computing at the University of Waterloo, a Professor in the Department of Combinatorics & Optimization of the Faculty of Mathematics, and a founding member of Waterloo’s Perimeter Institute for Theoretical Physics. He co-founded and is director of CryptoWorks21, an NSERC funded training program in quantum-safe cryptography.

In 2015 he started the company evolutionQ Inc. with Norbert Luetkenhaus in order to help organizations evolve their quantum-vulnerable systems and practices to quantum-safe ones. EvolutionQ assesses the quantum threat, how it impacts specific organizations, how they can mitigate the risk, and helps them implement their mitigation strategies.