{"id":2482,"date":"2022-03-11T16:29:00","date_gmt":"2022-03-11T23:29:00","guid":{"rendered":"https:\/\/wpsites.ucalgary.ca\/isec-601-f21\/?p=2482"},"modified":"2022-03-11T00:30:25","modified_gmt":"2022-03-11T07:30:25","slug":"the-quantum-threat-to-cyber-security","status":"publish","type":"post","link":"https:\/\/wpsites.ucalgary.ca\/isec-601-f21\/2022\/03\/11\/the-quantum-threat-to-cyber-security\/","title":{"rendered":"The Quantum Threat to Cyber Security"},"content":{"rendered":"\n

Innovative modern technologies over the last few decades have not only made our lives easier, but also increased the potential for threats. In 1975, renowned engineer and businessman Gordon E. Moore predicted that the computational power would double every 2 years over the foreseeable future, which had later been termed as the \u201cMoore\u2019s Law\u201d. It had been growing exponentially ever since and along the line, we are currently in the beginning of the Quantum Computing era. It is a kind of computation that exploits the properties of quantum states like superposition, entanglement, and interference in a collective way to perform calculations. The devices that do this are called \u201cQuantum Computers\u201d. They have the capacity to outperform even the best supercomputers.<\/p>\n\n\n\n

\"PsiQuantum,<\/figure>\n\n\n\n

Why is it a threat?<\/h2>\n\n\n\n

The world\u2019s data are being protected by modern public key encryption algorithms to transmit data over the internet in a secure way. Some of the examples are RSA, Elliptic Curve and ElGamal. They have brought about revolutionary improvements to information security, enabling digital communication, e-commerce applications and accessibility of remote financial services. But just as the World War 2 code breakers developed a system to defeat Enigma, quantum computers are one such technological threat.<\/p>\n\n\n\n

Although they can\u2019t currently break public key encryption, they are not far behind. They can be weaponized in the wrong hands and in as nearly as 5 years, they could disrupt the entire cyber security space, posing massive business risks. An algorithm called \u201cShor’s algorithm\u201d is exponentially powerful than classical algorithms and with a large enough quantum computer, it can potentially expose and crack daily encryption mechanisms like Transport Layer Security (TLS) and Virtual Private Networks (VPN). Hence, organizations need to start thinking about enhancing their security measures starting now. Information that needs to be available securely in 5 years or more should be protected now. US National Institute of Standards and Technology (NIST) is actively working on developing the next generation of cryptography.<\/p>\n\n\n\n

\"How<\/figure>\n\n\n\n

Financial institutions in specific have long been the primary focus of attackers. With the introduction of digital banking, the number of sophisticated cyber-attacks has significantly increased. Based on a report from Trend Micro, the ransom-ware attacks on banks have increased by 1,318 percent year on year in the first half of 2021. This could have a great impact on the American economy. A Hudson Institute study revealed that if the access to the Fedwire Funds Service, a real-time GSF transfer system, from any of the largest financial institutions is disrupted by quantum computers, it could lead up to $2 Trillion in loses.<\/p>\n\n\n\n

Measures to ensure post-quantum cyber security<\/h2>\n\n\n\n

In a congressional hearing last year, all 6 CEOs of the major financial corporations testified positively about cyber security being the largest threat to the economy. This prompted the various governing bodies in America such as the NIST and FBI to take necessary precautions. And recently, the white house also issued a memorandum outlining the terms to overcome this threat which was titled \u201cPost-Quantum Cybersecurity (PQC mandates)\u201d for the National Security Agency (NSA). Another huge developed that has happened was discussions on securing NATO\u2019s post-quantum era communications. Their security centre is run by the NATO Communications and Information Agency (NCI Agency), providing 24\/7 protection. In partnership with the white house, a UK based post-quantum provider \u201cPQ\u201d has successfully performed testing trails on communication channels in a quantum environment using a Virtual Private Network called \u201cHybrid Post-Quantum VPN\u201d. This move is crucial to maintain stability in quantum era warfare.<\/p>\n\n\n\n

The market for quantum secure solutions is valued at $9.5 Billion by 2029. PQ itself has been involved in R&D for a long time and offers a variety of quantum solutions from IOT to end-user applications and mobile services. Some of the other promising providers in the field are QuintessenceLabs and Crypta Labs. The former is based in Australia and has recently raised A$25 Million in funding to provide quantum-safe solutions and has also won the prestigious CyberTech100 award in 2020. The later is UK-based and raised $7.4 Million in seed funding a couple of years back. It has developed the world\u2019s first Quantum Random Number Generator that is space compliant for securely encrypting satellite data.<\/p>\n\n\n\n

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