HSBC has become the first bank to join BT and Toshiba’s quantum-secured metro network, linking two UK locations using Quantum Key Distribution (QKD) to enhance its global operations against future cyber threats.
The bank will conduct trials for the quantum-secure transmission of test data over fiber-optic cables between its global headquarters in Canary Wharf and a data center in Berkshire, situated 62 kilometers apart. QKD employs particles of light and the principles of quantum physics to deliver secret keys, which can be used to encrypt and decrypt sensitive data, ensuring protection from eavesdropping and cyber-attacks by quantum computers.
The technology will be tested in various applications, including financial transactions, secure video communications, and one-time-pad encryption.
Colin Bell, CEO of HSBC Bank Plc and HSBC Europe, stated, “Our customers, clients, and employees expect us to have safe and secure operations and resilient cybersecurity, so we must stay ahead of the curve. That is why we are already preparing our global operations for a quantum future. We are spearheading industry-leading trials, recruiting highly trained experts, and investing in strong, strategic partnerships to explore how we could deploy these technologies as they evolve.”
Over the past year, HSBC has intensified its focus on quantum computing, entering into a multi-year agreement with IBM to investigate the technology and actively recruiting research scientists to develop a dedicated capability within its innovation team. In June, the bank also established a long-term partnership with Quantinuum, the world’s largest quantum computing company, initially concentrating on cybersecurity.