Policy Resource

GFMA Publishes Quantum Risk Report

The arrival of Quantum Computing is closer than many realize and has the potential to completely undo existing encryption safeguards. To keep cyber criminals and others malicious actors at bay, banks are thinking ahead and putting in place Post Quantum mitigation. Indeed, many have already been working with policymakers and regulators on how best to ensure a safe and secure migration, and GFMA sheds light on these efforts in the launch of our report Quantum Migration: mapping the emerging landscape. This provides an overview of:

• the risks associated with Quantum;
• the timescales by which these risks will arise and the potential impact to banks;
• the Quantum Migration Plans which industry players are adopting.

Above all, the report brings to light the case for robust action within the next 2-3 years to ensure that banks are ready for the 2035 cut off set by regulators around the globe. This will ensure that banks have sufficient margin to not only redress Quantum Risk, but to leverage the upgrades as an opportunity for wider crypto-agility across their systems and operations. In supporting these efforts GFMA will continue to work across industry in demystifying a topic which has for too long been seen as theoretical or academic.

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