The US National Institute of Standards and Technology (NIST) has introduced three standards for post-quantum cryptography (PQC), which poses a significant challenge in terms of equipping all devices with this technology. Some devices are inaccessible, while others may lack the power to support new algorithms. There is also debate over the strength of the techniques used for PQC, as some quantum researchers believe that the lattice-based algorithms used can be hacked.
In terms of global economic impact, Moody’s highlighted the challenges in error correction, scalability, talent shortages, and limited computing power that currently mitigate the risk of quantum computing breaking strong encryption. Despite this, experts recommend the rapid adoption of quantum-resistant algorithms to prevent cyber criminals from exploiting data until powerful quantum computing technology arrives.
Karl Holmqvist, the CEO of Lastwall, emphasized the importance of transitioning to quantum-resistant ciphers in light of the impending threat posed by quantum computers. The ability of quantum computers to break asymmetric encryption within the next five to 30 years poses a significant risk to various sectors, including e-commerce, air traffic systems, and government classified documents.
Moody’s report suggested that the transition to PQC will be slow and costly, estimating that implementing new cryptographic standards across devices could take 10 to 15 years. The challenges associated with rolling out PQC on a wide scale, as well as implementing the new encryption standards, emphasize the need for a clear and well-communicated strategy to build public confidence and ensure efficient adoption of these standards in Europe and the UK. Through strategic planning and collaboration, these regions can safeguard against the potential risks of quantum computing advancements.