G7 central banks publish report on quantum tech

This report from the G7 central banks signals a major technology shift that will eventually impact how you handle customer data and process credit applications. While quantum computing sounds like science fiction, global financial regulators are now officially preparing for its arrival. For retailers and lenders, the primary concern is 'Harvest now, decrypt later' attacks. This is where hackers steal encrypted customer financing data today, intending to unlock it once quantum computers are powerful enough. As a business operator, this means your current encryption standards for storing sensitive financial applications—like social security numbers and income data—will eventually become obsolete. The G7 is urging the financial sector to begin planning for 'quantum-resistant' security. You don't need to change your software today, but you should start asking your financing partners and POS providers about their roadmap for quantum security. If your lenders aren't thinking about this, your customers' data could be at long-term risk. The report emphasizes that the transition to new security standards will be a multi-year process, so staying ahead of the curve is better than reacting to a future breach.

Source: Finextra — Lending

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