G7 Urges Financial Sector to Prepare for Quantum Computing Threat
The G7 Cyber Expert Group (CEG), co-chaired by the U.S. Department of the Treasury and the Bank of England, has issued a public statement and roadmap advising the global financial sector to begin a coordinated transition to quantum-resilient technology. The guidance warns that advanced quantum computers will eventually be able to break the public-key cryptography that secures the world's financial transactions. The roadmap encourages financial institutions to start assessing their quantum risks and developing formal plans for migrating to post-quantum cryptography (PQC) standards, such as those being developed by NIST, to counter 'harvest now, decrypt later' attacks.