FS-ISAC emphasises the urgent need for a global transition timeline in the financial sector's migration to quantum-resilient cryptography. This call to action is outlined in therecently published paper, titled "The Timeline for Post-Quantum Cryptographic Migration."
"Sector coordination and proactive strategies will ensure the effective transition to resilient cryptographies as we face the critical security challenge of quantum computing's ability to break current encryption algorithms," said Mike Silverman, chief strategy and innovation officer, FS-ISAC.
The Timeline for Post Quantum Cryptographic Migration
The whitepaper offers insights and strategic guidance on the risks of crypto-procrastination, as well as sector-wide dependencies on standardisation bodies, technology providers, and third-party vendors. It highlights the need for a well-planned, phased transition framework and the benefits of adopting a global action plan for improved clarity, expectation setting, and vendor readiness.
"There is a consensus among financial firms that quantum readiness starts with industry-aligned action plans," said Jaime Gómez García, Banco Santander, QSFF.
"The development of this global transition timeline is the first step in supporting a proactive and coordinated transition measured by defined milestones."
The whitepaper was developed in partnership with a cross-border team of experts from leading financial institutions and cybersecurity organisations across the Americas and Europe, including the Quantum Safe Financial Forum (QSFF) and the CFDIR Quantum-Readiness Working Group.
