HomeCBDCBIS ProjectsSecuring the Financial System: Project Leap into Quantum-Proofing

Securing the Financial System: Project Leap into Quantum-Proofing

Project Leap, launched by the BIS Innovation Hub’s Eurosystem Centre, the Bank of France, and Deutsche Bundesbank, aims to prepare central banks and the global financial system for the transition to post-quantum cryptography. Quantum computers pose a significant cyber threat to financial data as they have the potential to break current encryption schemes. This threat exposes financial transactions and stored data to potential attacks. The financial sector needs to implement robust quantum communication and data protection technologies to mitigate these risks. The first phase of Project Leap tested the implementation of post-quantum cryptographic protocols between two central banks to advance knowledge in this area. The project report describes the functional findings and deployment challenges of implementing quantum-resistant IT environments for the financial system. The second phase of the project will explore additional central bank use cases to contribute to quantum-proofing the financial system. Implementing quantum-resistant communication is feasible, but understanding the impact on central bank operations is crucial.

Read more

PHP Code Snippets Powered By : XYZScripts.com