As a seasoned crypto investor with a background in cybersecurity, I can’t help but feel a sense of relief and anticipation after reading about this groundbreaking collaboration between the Singapore Monetary Authority (MAS) and Banque de France (BDF). The looming threat of quantum computing has been a topic of concern for many years, and it’s heartening to see these two influential financial institutions taking proactive steps to future-proof our digital infrastructure.
The Singapore Monetary Authority (MAS) and Banque de France (BDF) have successfully conducted an experiment using post-quantum computing (PQC) to counteract the potential danger that quantum computers might pose to payment systems. They started by exploring ways to safeguard emails in Microsoft Outlook as a preliminary step towards incorporating PQC into global banking infrastructure.
Future proofing information exchange
Through a secure PQC email add-on, both the BDF and MAS sent and received digitally signed and encrypted emails. According to the BDF’s statement, these transactions were successfully completed using existing internet infrastructure and post-quantum encryption standards set by the National Institute of Standards and Technology (NIST) within the U.S. Department of Commerce in August.
In their recent release, the Monetary Authority of Singapore (MAS) published a technical report detailing the results of an experimental study. This research, they noted, is crucial for ensuring the resilience and adaptability of our financial system in the years to come.
In the situation where data is encrypted now but decrypted later (often referred to as ‘harvest now, decrypt later’), this makes the threat from quantum computing more severe. This is because adversaries can collect and save encrypted information today, and then once quantum computers become available in the future, they’ll be able to unlock that data.
To maintain the privacy, verify identities, and protect the data integrity of payment systems, further standardization is required, according to the study. At present, there are no standards for combining Post-Quantum Cryptography (PQC) security methods for public key systems, digital certificates, and key exchanges with the traditional algorithms currently in use.
The situation at hand is critical and requires immediate action from global entities, as determined by the agencies.
Furthermore, it’s worth noting that the keys used in Post-Quantum Cryptography (PQC) for decoding messages are substantially larger than those commonly used today. If every email server isn’t uniformly updated, there might be a possibility of tripping existing security mechanisms due to this new key format. This study focused specifically on Outlook.
PQC requires international coordination
These hurdles could potentially escalate as they pertain to financial applications, which involve numerous transactions happening frequently and extensive cross-border collaboration. As it stands, our current findings offer confidence that we can fortify our inter-institutional communication systems. According to BDF’s first deputy governor Denis Beau, these strengthened communications have proven resilient. In the upcoming phase of their investigation, the agencies plan to tackle any remaining obstacles in their research.
As a crypto investor, I’ve been keeping an eye on the exciting developments in the field of Post-Quantum Cryptography (PQC). Notably, both Singapore and France are deeply engaged in exploring PQC from various angles. The Bank for International Settlements’ Project Leap, which includes the BDF and the German central bank, is one such initiative, dedicated to creating PQC solutions tailored for payment networks.
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2024-11-08 21:37