The BIS Innovation Hub Eurosystem Centre, together with Banque de France and Deutsche Bundesbank, has successfully set up a quantum-safe communication channel that shields financial data from future quantum computing based threats.
Termed Project Leap, the proof of concept shows how the resilience of the financial system can be maintained as we enter into a new era of quantum computing and related threats.
Project Leap addresses the threat that future quantum computers represent to today's cryptographic algorithms, and thereby to the confidentiality of financial data.
The experiment's success paves the way for the building of a complete chain of trust for central bank applications, acting as a blueprint for the financial system.
What is the Q Day threat?
BIS states that future quantum threats to existing data is one of the most significant cyber security threats facing the financial system today, potentially exposing all transactions and much of existing stored financial data to attack. Quantum computers, once they reach sufficient size and power, will be able to easily break the cryptographic encryption schemes currently used to ensure secure financial transactions and data. Experts refer to that risk as ‘Q Day’ says BIS.
