The advent of quantum computing is poised to revolutionize various industries, but it also presents significant cybersecurity challenges. Quantum computers have the potential to break current encryption methods, exposing sensitive government, military, and financial data to unprecedented risks. The superior computational capabilities of quantum computing can also make some encryption ciphers obsolete and hackable, defying the purpose of implementing cryptography in the first place. If this situation occurs, trust in digital systems will erode, altering how we envision technology and cybersecurity.
According to a KPMG survey, 60% of Canadian and 73% of U.S. organizations believe it’s only a matter of time before cybercriminals harness quantum computing to decrypt existing security protocols. The maturity of this technology poses a significant threat to cryptocurrencies like Bitcoin. Experts warn that a successful quantum attack could lead to losses exceeding $3 trillion, potentially triggering a severe global recession.
The ‘harvest-now, decrypt later’ approach; Adversaries eagerly await the quantum era
Industry experts anticipate the maturity of quantum computing to be at least a decade away. Even when it comes in its prime, it won’t be openly available for public access. Initially, this technology will be highly resource-dependent and costly. As of the current progression phase, quantum computers require ultra-cold environments, specialized facilities, and enormous energy, making mass production impractical.
Despite these foreseeable limitations, there is a growing concern that state-sponsored threat actors may currently be collecting crucial encrypted data with the hope of decrypting and exploiting it once the quantum computing matures. This is called the ‘harvest-now, decrypt later’ approach. It’s still too early to verify that adversaries are actually practicing this maneuver; the truth will be out once the quantum era dawns upon us.
If the ‘harvest-now, decrypt later’ principle gets confirmed, intelligence agencies and nation-state actors might gain access to previously encrypted diplomatic cables, defense strategies, classified military documents, etc., skyrocketing cyber espionage and leaving national security to perilous circumstances.
Since everything is unclear, some organizations have already started investigating and investing in quantum-resistant encryption methods. Approximately 52% of organizations are currently evaluating their exposure to quantum-related risks and formulating corresponding strategies. An additional 30% have commenced implementing solutions to mitigate these risks.
What assets to protect and how?
Since the time by which quantum computing will mature and become available is unknown, government and security leaders are low on the urgency scale when it comes to preparing their cybersecurity posture. While they do understand the grave repercussions of this, they think that they will deal with it when it becomes an active issue.
This complacency can jeopardize the future of digital systems because there is no way to opt out of the quantum era, even if you plan not to pursue quantum-powered innovations.
When it comes to preventing key assets before the quantum era kicks in, here is what different industries should focus on-
| Government | Corporations/ defense contractors | |
| Encrypted sensitive data and communications | Classified military, intelligence, and diplomatic communications. | Trade secrets, patents, R&D data, and financial records. |
| National security and defense systems | Defense communications, satellite encryption, and nuclear launch codes. | Aerospace, missile guidance, and cybersecurity firms |
| Financial and banking infrastructure | Central bank operations, SWIFT transactions, and financial regulations | Banks, stock markets, and cryptocurrency exchanges. |
| Healthcare and medical data | National health databases and pandemic response plans. | Pharmaceutical R&D, clinical trial data, and medical IoT devices. |
| Cloud and digital infrastructure | Government cloud platforms and e-governance systems. | Cloud storage services (AWS, Azure, Google Cloud).
|
| Critical infrastructure (power, water, transport, etc.) | Power grids, traffic control, and emergency services. | Telecom, energy, aviation, and logistics. |
| Identity and authentication systems | Passports, biometric databases, and national ID systems. | Password managers and two-factor authentication systems. |
| Intellectual property and research data | Defense technology, space research, and AI advancements. | Tech companies, AI labs, and biotech firms.
|
Depending on the nature of your organization, data type, risk tolerance, and attack surface exposure, here are some protection strategies you can adopt-
- Transition to post-quantum cryptography algorithms.
- Use Quantum Key Distribution for secure communications.
- Implement zero-trust security models across classified networks.
- Upgrade public key infrastructure (PKI) for banking transactions.
- Strengthen biometric security against quantum-based attacks.
- Upgrade cloud encryption protocols to quantum-safe alternatives.
- Implement multi-layer security models for data-at-rest and data-in-transit.
- Implement access control measures to protect sensitive R&D.
While many organizations are still neglecting the loud call to prepare in advance for new-age threats, some tech giants have already begun their transition. After NIST’s revised standards were released, Apple updated its iMessage application to use quantum-secure encryption methods. Google has also started using its new standards in its cryptography library, which will be used in the Chrome web browser. IBM played a significant role in developing and integrating post-quantum cryptography into some of its platforms.
But, if you ask the right time to prepare for this future threat, the answer is ‘NOW.’ Don’t wait for the tidal wave to hit.
