US treasury establishes 'Quantum-Readiness Task Force'

The U.S. Treasury has launched a 'Quantum-Readiness Task Force' to prepare the financial sector for the arrival of quantum computing. While quantum computers promise massive processing power, they also pose a significant threat to current encryption standards. For retailers and operators, this means the security protocols protecting your customer financing data, credit applications, and payment processing are eventually going to become obsolete. This task force is the first major step in establishing new industry standards to ensure that sensitive consumer financial information remains secure as technology evolves. For the average merchant, this isn't an immediate crisis, but it signals a major shift in how your lending partners will handle data security in the coming years. The government is signaling that 'business as usual' for data encryption will not be sufficient much longer. You should expect your financing providers and gateway processors to begin rolling out mandatory security updates and new compliance requirements related to post-quantum cryptography. The Treasury’s goal is to coordinate these efforts so the transition doesn't disrupt the flow of credit or the stability of the payment ecosystem.

Source: Finextra — Lending

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