The G7 Cyber Expert Group (CEG), led by the U.S. Department of the Treasury and the Bank of England, has released a public statement outlining steps for financial institutions to transition to quantum-resilient technology. The statement is aimed at financial entities, regulatory authorities, and suppliers, highlighting important considerations and activities for managing this shift in a coordinated manner.
Quantum computing offers new opportunities for the financial sector but also introduces significant risks. Experts warn that advanced quantum computers could compromise current cryptographic protocols that secure financial systems and data.
Cory Wilson, Deputy Assistant Secretary for Cybersecurity and Critical Infrastructure Protection at the U.S. Treasury, and Duncan Mackinnon, Executive Director for Supervisory Risk at the Bank of England, co-chair the G7 CEG. They stated: “The introduction of quantum computers that can break our encryption tools presents a significant risk to the safety and soundness of our financial ecosystem. This is something we must address together, and the roadmap guidance will be an important reference for organizations to consider as they prepare their systems and data to be quantum resilient.”
The roadmap provided by the G7 CEG addresses key issues related to cryptographic risks from quantum computing in the financial sector. It gives stakeholders flexibility in implementation rather than prescribing specific actions or timelines.
Formed in 2015, the G7 CEG brings together representatives from financial authorities across all G7 countries and the European Union. Its purpose is to coordinate cybersecurity policy and strategy among member jurisdictions while also serving as a platform for information sharing, cooperation, and incident response.
