The Monetary Authority of Singapore (MAS) has urged financial institutions in the country to prepare for the increasing cybersecurity threats associated with quantum computing.
Experts anticipate that within the next decade, quantum computers capable of breaking cryptographic systems will emerge, posing risks as they could compromise widely used asymmetric cryptography. Additionally, the need for larger key sizes in symmetric cryptography may become essential for maintaining security.
A recent white paper from DTCC highlighted that quantum computing could introduce “significant new risks for financial firms by rendering even the most secure computer systems susceptible to hacking.”
In its advisory to financial services firms, MAS emphasized the necessity for the sector to achieve ‘cryptoagility.’ This adaptability will enable institutions to transition from vulnerable cryptographic algorithms to post-quantum cryptography without severely disrupting their IT systems and infrastructure.
To aid in this preparation, MAS recommends that companies monitor developments in quantum computing, ensure that both management and third-party vendors are knowledgeable about the topic, and collaborate with vendors to evaluate IT supply chain risks. Additionally, firms should maintain an inventory of their cryptographic assets and prioritize the identification of critical assets for migration to quantum-resistant encryption.