Central banks test ‘quantum-resistant’ communications channel

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The BIS Innovation Hub Eurosystem Center, in collaboration with Banque de France and Deutsche Bundesbank, has successfully established a secure communication channel intended to safeguard financial data against potential threats from quantum computers.

Quantum computing is one of the biggest cybersecurity threats to the financial system today, according to the Bank for International Settlements, as it could expose all transactions and stored financial data to attack. That risk is referred to by experts as “Q Day.”

The BIS Innovation Hub Eurosystem’s Project Leap is looking into how to update and replace the cryptographic security algorithms that the financial system is critically dependent on in order to get ready for the transition to quantum-resistant encryption.

Read More: Central banks successfully test ‘quantum resistant’ communications channel

TalkFintech Bureau
TalkFintech Bureauhttps://talkfintech.com
TalkFintech is focused on the latest financial sector technologies and tools- covering all tech used by banks, investors, insurance, and wealth management sectors- and also conversations on retail financial management tools.

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