The G7 Cyber Expert Group (CEG), co-chaired by the U.S. Department of the Treasury and the Bank of England, released a public statement on September 25, 2024, highlighting cybersecurity risks from quantum computing and recommending steps for financial authorities and institutions. The CEG identified quantum computing as an area of both potential benefit and risk to the financial system.
According to the statement, sufficiently advanced quantum computers could defeat certain cryptographic techniques that secure communications and IT systems, potentially exposing financial entity data. The CEG encouraged jurisdictions to monitor developments in quantum computing, promote collaboration among public and private stakeholders, and begin planning for the risks posed by quantum computing to current encryption methods.
Treasury Deputy Assistant Secretary for Cybersecurity and Critical Infrastructure Protection Todd Conklin, co-chair of the CEG, stated that planning for the quantum transition “is important to economic security and prosperity” and encouraged financial institutions to provide funding and resources to support it. The CEG, founded in 2015, includes representatives from financial authorities across all G7 countries and the European Union. With the availability of NIST’s post-quantum cryptography standards, the statement noted that some financial entities may be positioned to start implementing quantum-resilient technologies.