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How the financial sector can anticipate the threats of quantum computing to keep payments safe and secure

Author

Listed:
  • Covers, Oscar

    (Senior Information Risk Consultant and Cybersecurity Analyst, Dutch Payments Association)

  • Doeland, Marco

    (Manager Risk Management, Dutch Payments Association)

Abstract

At the end of 2015, the Dutch General Intelligence and Security Service informed owners and managers of vital infrastructure in the Netherlands about the developments and threats emanating from the advent of quantum computing. Dutch financial institutions have since started to monitor developments in quantum computing and are seeking to understand the implications for their interbank business processes. This paper looks at how banks and payment institutions can anticipate how quantum computing will evolve and respond accordingly, even though developments remain ongoing. To gain and maintain a good understanding, the Dutch Payments Association brings together quantum computing experts and experts from financial institutions to discuss the impact of quantum computing advancements on the industry. The key deliverable is to offer an approach to dealing with the threats associated with quantum computing, so that payment systems can continue securely and undisturbed. As this paper will discuss, this has resulted in a quantum readiness programme and seven so-called lowregret moves.

Suggested Citation

  • Covers, Oscar & Doeland, Marco, 2020. "How the financial sector can anticipate the threats of quantum computing to keep payments safe and secure," Journal of Payments Strategy & Systems, Henry Stewart Publications, vol. 14(2), pages 147-156, June.
    • Handle: RePEc:aza:jpss00:y:2020:v:14:i:2:p:147-156
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    More about this item

    Keywords

    quantum computing; post quantum cryptography; financial sector; banks; cyber security; payments;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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