How the financial sector can anticipate the threats of quantum computing to keep payments safe and secure

Oscar Covers and Marco Doeland
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Oscar Covers: Senior Information Risk Consultant and Cybersecurity Analyst, Dutch Payments Association
Marco Doeland: Manager Risk Management, Dutch Payments Association

Journal of Payments Strategy & Systems, 2020, vol. 14, issue 2, 147-156

Abstract: At the end of 2015, the Dutch General Intelligence and Security Service informed owners and managers of vital infrastructure in the Netherlands about the developments and threats emanating from the advent of quantum computing. Dutch financial institutions have since started to monitor developments in quantum computing and are seeking to understand the implications for their interbank business processes. This paper looks at how banks and payment institutions can anticipate how quantum computing will evolve and respond accordingly, even though developments remain ongoing. To gain and maintain a good understanding, the Dutch Payments Association brings together quantum computing experts and experts from financial institutions to discuss the impact of quantum computing advancements on the industry. The key deliverable is to offer an approach to dealing with the threats associated with quantum computing, so that payment systems can continue securely and undisturbed. As this paper will discuss, this has resulted in a quantum readiness programme and seven so-called lowregret moves.

Keywords: quantum computing; post quantum cryptography; financial sector; banks; cyber security; payments (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2020
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