Recently the Cross Market Operational Resilience Group (CMORG) published guidance to the financial sector on transitioning towards quantum-safe cryptographic practices, following recent guidance from the UK’s National Cyber Security Centre (NCSC).  The guidance is intended to provide clarity to banks and other financial institutions on how they will switch to post-quantum cryptography—a new kind of encryption that will remain secure even when quantum computers arrive.

The Financial Services Sector Coordinating Council (FSSCC) had the distinct opportunity to contribute the foreword in CMORGs’ important Guidance For Post-Quantum Cryptography.  We applaud the CMORG on publishing new guidance for financial sector firms to start planning for post-quantum cryptography and working to provide clarity to the sector on how to transition towards quantum-safe cryptographic practices.

The need to modernize cryptographic infrastructure is both urgent and global. The FSSCC supports the CMORG’s work as a part of our broader commitment to strengthening the security and operational resilience of the financial system and endorses the core premise of this paper: the time to act is now!  A coordinated, forward-leaning response is essential to protect the integrity of the global financial system and we must be taking steps now in our institutions to be ready for a post-quantum reality.  To read the CMORG’s paper and the FSSCC foreword click here.