Hong Kong Monetary Authority Launches Quantum Readiness Index, Banking Industry Scores Only 2.3 Points, Target to Reach Full Score by 2030
7x24h News
Hong Kong Monetary Authority Launches Quantum Readiness Index, Banking Industry Scores Only 2.3 Points, Target to Reach Full Score by 2030
According to Cointelegraph, the Hong Kong Monetary Authority (HKMA) recently published a quantum security white paper and launched the industry's first Quantum Preparedness Index (QPI) to assess the banking sector's readiness to address quantum computing security threats. Survey results indicate that the overall QPI score for the banking sector is only 2.3 out of 10, with approximately half of the surveyed institutions yet to formulate formal post-quantum security plans. The HKMA aims for the entire industry to achieve a full score by 2030. The white paper points out that once quantum computers are capable of running Shor's algorithm at scale, they could potentially break existing RSA and elliptic curve encryption systems, thereby threatening the security of financial transaction authorization, authentication, and trust mechanisms.
Navigating Web3 tides with focused insightsTechFlow news, July 28, according to Cointelegraph, the Hong Kong Monetary Authority (HKMA) recently released a quantum security white paper and launched the industry's first Quantum Preparedness Index (QPI) to assess the banking industry's readiness to address quantum computing security threats. Survey results show that the overall QPI score for the banking industry is only 2.3 points (out of 10), with approximately half of the surveyed institutions yet to formulate formal post-quantum security plans. The HKMA aims to achieve a perfect score across the entire industry by 2030. The white paper points out that once quantum computers are capable of running Shor's algorithm on a large scale, they could crack existing RSA and elliptic curve encryption systems, thereby threatening the security of financial transaction authorization, identity verification, and trust mechanisms.
