Treasury to help financial firms transition to quantum-resistant encryption

The U.S. Treasury Department is launching a major initiative to help the financial sector prepare for 'Quantum Day'—the point when quantum computers become powerful enough to break current encryption standards. While this technology is still developing, the threat to consumer financing is real. Hackers are currently stealing and storing encrypted consumer data today, planning to decrypt it once quantum technology catches up. For retailers and lenders, this means the sensitive financial information you collect during credit applications—like Social Security numbers and bank details—could be at long-term risk. The Treasury’s new task force will focus on helping firms transition to 'quantum-resistant' cryptography. This is not just a problem for big banks. Any business that stores customer payment data or works with third-party financing platforms will eventually need to ensure their software providers are migrating to these new security standards. The goal is to prevent a future where every digital transaction and saved credit profile is suddenly transparent to bad actors. You should expect your financing partners and POS providers to begin discussing encryption upgrades over the next year as part of this federal push.

Source: Banking Dive

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