The Banque de France has been exploring “post-quantum” security technologies to prepare for a future where quantum computing may render current IT systems vulnerable to cyberattacks.
While quantum computing is anticipated to unlock numerous opportunities for the financial services sector, it also poses new risks for security. This month, the DTCC released a white paper indicating that quantum computing could significantly increase risks for financial institutions by compromising even the most secure computer systems.
To stay ahead of potential threats, the French central bank has partnered with Cryptonext Security on a project aimed at testing a communication security solution that employs “post-quantum” algorithms, designed to withstand the challenges posed by future quantum computers.
The bank successfully integrated a library of “quantum robust” algorithms into its operational chain, enabling completely secure data exchanges. The tests demonstrated the capability of these post-quantum algorithms to function within the information system in a hybrid manner, adhering to the guidelines established by both French and international information security authorities.
Valérie Fasquelle, deputy general director of Banque de France DGIS, remarked, “Through the successful implementation of post-quantum algorithms, the Banque de France demonstrates its ability to master new encryption technologies and maintain cutting-edge security for its communications against the potential threats posed by quantum computing in the future.”