Barriers to implementing quantum-resistant encryption in financial institutions
Independent Researcher.
Research Article
World Journal of Advanced Research and Reviews, 2024, 22(03), 2323-2337
Article DOI: 10.30574/wjarr.2024.22.3.1938
Publication history:
Received on 11 May 2024; revised on 22 June 2024; accepted on 29 June 2024
Abstract:
The rise of quantum computing poses a unique threat to the security of the world's financial systems. Existing public-key cryptographic systems like RSA and ECC need to be replaced with quantum-resistant encryption because they face quantum computing threats. Still, transitioning to such systems poses numerous challenges for financial institutions, including outdated technology infrastructure, regulatory ambiguities, a lack of skilled personnel, and high costs. This research responds to these challenges with a survey of industry experts from the banking and finance sectors. The survey responses indicate that the overwhelming focus on cost and legacy system integration complexity is the primary hurdle, with lack of industry knowledge and vague regulation coming shortly after. The data collected undersores the fact that, without decisive action to advance investment and policy, and restructure workforce training, institutions will be unable to securely transition to the infrastructure of post-quantum cryptography. The paper provides a final perspective proposing stepwise collaboration frameworks that highlight coordinated multi-stakeholder initiatives and alignment with anticipated international benchmarks.
Keywords:
Quantum; Financial; Financial Institution; Banking
Full text article in PDF:
Copyright information:
Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0