On February 20, 2024, the Monetary Authority of Singapore (MAS) issued Circular No. MAS/TCRS/2024/01, titled “Advisory on Addressing the Cybersecurity Risks Associated with Quantum,” addressed to CEOs of all financial institutions (FIs). The advisory outlined cybersecurity risks arising from quantum computing developments and highlighted mitigating measures, according to the MAS circular.
MAS warned that quantum computers could break commonly used encryption and digital signature algorithms, threatening the security of financial transactions and sensitive data. The advisory recommended that FIs maintain an inventory of cryptographic assets, identify critical assets for priority migration to quantum-resistant technologies, and assess whether existing systems could support crypto-agility.
FIs were encouraged to uplift internal technical competencies, review security policies and procedures, develop risk mitigation strategies for assets that cannot immediately transition to post-quantum cryptography (PQC), and consider proof-of-concept trials with quantum security solutions including PQC and quantum key distribution.