Banks may spend billions to stop quantum hacking threat – Risk.net

Category: Quantum Computing

Banks are cautiously preparing to implement new encryption algorithms that will protect against hackers using quantum computing to crack their code. But experts warn they potentially need to stump up astronomical sums to raise their cyber defences against the developing threats. If they dont, then current cryptography could be obsolete within five years, according to some estimates.

Andersen Cheng, who worked on JP Morgans response to the millennium bug in 2000, says the bank spent $286

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Banks may spend billions to stop quantum hacking threat - Risk.net

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July 29th, 2022
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