Central banks test ‘quantum-resistant’ communications channel

Date:

Share post:

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.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

spot_img

Related articles

BNP Paribas and Ant International Partner To Improve Cross-Border Payment Solutions In Europe

BNP Paribas, a bank in the European Union, has partnered with Ant International, a digital payments and financial...

Wirex And Visa Collaborate To Promote Use Of Digital Currencies In The UK And The European Economic Area (EEA)

Wirex, a Web3 money app, and Visa, a leader in digital payments, have announced a partnership to promote...

Transend Partners With Midland States Bank To Offer Innovative POS Solutions

Transend, a company that offers working capital solutions to businesses, has announced a new partnership with Midland States...

Three in ten adults have been a victim of financial fraud; spurring industry to continue investment to protect consumers

As fraud rates continue to rise, nearly all adults in the UK (94%) now say they are taking...