Why Quantum Belongs on Your Priority List

Last month, Nvidia CEO Jensen Huang tempered expectations about quantum computing’s progress, and effectively lowered the price of several quantum-computing company stocks, when he said “very useful quantum computers” are probably two decades away. But others are looking at quantum’s trajectory and saying “Hey, not so slow.”  

The Wall Street Journal reported last week that PsiQuantum expects to “have a commercially useful quantum computer available as soon as 2027.” While the difference between “very useful” and “commercially useful” is likely in the eye of the beholder, there was also this: FS-ISAC, an organization that advances cybersecurity and resilience in the global financial system, said now is the time to start preparing for quantum.  

It’s a discussion that matters. Quantum holds great potential for industries including finance. But executives told the Wall Street Journal at an event last week that there is “too much to focus on right now,” so quantum is well behind priorities related to generative AI and new federal technology policies.  

In addition to missing opportunities by putting off a quantum strategy, organizations may also be ill-prepared for quantum’s risks. Take “Q-Day.” That’s the moment when quantum computing will have advanced to the point where it makes quick work of cracking the encryption algorithms that currently protect all kinds of sensitive data—including, of course, at banks.  

PsiQuantum founder Pete Shadbolt says that, with the expected development of “post-quantum cryptography” (PQC) and other preparation, “generally there’s a lot of optimism that we will be able to make our current systems secure against the existence of big [quantum] systems.”  

On the payment card data front, FS-ISAC says, such efforts will include access control, updates and patches, coding practices, risk assessments, and threat detection and response. The group released four white papers last week suggesting responses to the threats that quantum poses to the payment card industry. 

“While there’s no deadline driving this transition, the need to upgrade systems in preparation for the eventuality of quantum computing is clear,” Mike Silverman, FS-ISAC’s chief strategy and innovation officer told American Banker. "FS-ISAC recommends starting the migration to PQC now, as there are years of work ahead.” 

Further reading: Quantum Computing Is a Boardroom Priority | RMA Journal Article