Since information is collected electronically, encryption of this information has become essential.
And with the news on Tuesday (13 August) that the National Institute of Standards and Technology (NIST) of the US Department of Commerce, after an eight-year process completed its most important set of encryption algorithms Designed to withstand cyberattacks from a quantum computer, companies dealing with an emerging and demanding Type of cyber criminals can breathe a little easier.
Observers may wonder what the big deal is about post-quantum cryptography (PQ cryptography) – especially since no one has seen or used a real quantum computer and its commercial viability is still 10 years away – but the big deal, so to speak, is Strictly speaking a simple one: post-quantum security standards are by definition more secure, resilient and flexible than existing classical measures.
The introduction of PQ protocols raises the bar for Security solutions in a broader sense, and their standardization will have almost as much impact on payments, trade and the financial sector as quantum computing himself is intended to do so one day.
“Advancing quantum computing plays a critical role in strengthening America’s status as a global technological powerhouse and advancing the future of our economic security,” said Assistant Secretary of Commerce Don Graves in a opinion.
“NIST is providing valuable expertise to develop innovative solutions to our quantum challenges, including security measures like post-quantum cryptography that organizations can implement to secure our post-quantum future. As this decades-long endeavor continues, we look forward to continuing the Department of Commerce’s leadership in this important area,” the Deputy Secretary added.
One of the three NIST standards is intended for general encryption that protects data during transport over public networks.while The other two are designed to secure digital signatures used to authenticate online identity – all crucial elements of the future connected economy.
Cybersecurity experts are now encouraged to integrate these new algorithms into their systems, the agency said.
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Post-quantum cryptography and payments
While the advent of the quantum internet creates almost unlimited possibilities for payments and commerce, it also creates many Pitfalls and challenges for companies.
As Michael JabbaraGlobal Head of Fraud Prevention at visaPYMNTS said last March, bad actors have started steal and store encrypted data in preparation for the market launch of quantum computing tools that will enable information to be decrypted.
The kind of Threat is known as Harvest now, decode later (HNDL).
Already in one step to Improving security his iMessage app, Apple announced in February that it was improving its encryption system to ward off potential attacks on quantum computers, while in September encrypted Messaging app signal increased his own Encryption by Add support for the post-quantum cryptographic PQXDH protocol.
And Last in May, zoom announced that it will make post-quantum end-to-end encryption (E2EE) available globally on its Zoom Workplace platform.
“Quantum computing technology could become a force to solve many of society’s most intractable problems, and the new standards represent NIST’s commitment to ensuring it does not simultaneously compromise our security,” said Laurie E. Locascio, Under Secretary of Commerce, Standards, and Technology and Director of NIST, in a opinion To Tuesday, when the NIST standards were announced. “These final standards represent the culmination of NIST’s efforts to protect our confidential electronic information.”
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The three algorithms that NIST has standardized are based on different mathematical problems that hinder both conventional and quantum computers, and they are strong evidence Points that we are at a turning point in modern cybersecurity.
“These finished standards include instructions for their integration into products and encryption systems,” said NIST mathematician Dustin Moody, who led the PQC standardization project in a opinion“We encourage system administrators to integrate these into their systems. immediately, because full integration will take time. … There is no reason to wait for future standards, but to use these three. We must be prepared for an attack.”
As PYMNTS Intelligence found, central Challenge The financial services and banking industry today faces the challenge of leveraging new technologies while mastering the art of securing them.
As the next generation of financial services is introduced, the ability to effectively secure them is likely to become a key differentiator for banks and financial institutions – a litmus test for attracting and retaining customers in a digital-first economy.
