Domen Zavrl has PhDs in System Dynamics and Applied Macroeconomics. His papers have been published in numerous conference proceedings and refereed journals. Domen Zavrl also studied cryptography at Stanford University and is an alumnus of Tuck Business School at Dartmouth. This article will look at the impact of quantum cryptography on cybersecurity, exploring the potential for bad players to use quantum cryptography to crack traditional encryption methods.
Today, the quantum arms race is already well underway, with multinational corporations and governments all over the world investing heavily in quantum computing technology in order to keep ahead in the ever-evolving world of cybersecurity.
It is apparent that quantum computers pose the potential to break conventional encryption methods. Against this backdrop, the need for post-quantum cryptography has become increasingly urgent.
A new frontier in cybersecurity has arisen, with cybersecurity companies scrambling to develop cryptographic algorithms capable of withstanding the immense processing power of quantum computers, helping to ensure the continued protection of communication and sensitive information in the quantum era.
Operating on the principles of quantum mechanics, quantum computers are capable of processing information in a way that is fundamentally distinct from the way that classical computers process data. While classical computers break down information into bits which are represented by either 0 or 1, quantum computers use qubits which represent both 0 and 1 simultaneously. This unique capability enables quantum computers to complete complex calculations at an incredible pace, much faster than classical computers.
Although it is still an emerging technology, quantum computing boasts the potential to revolutionise a diverse array of different industries, from healthcare to finance. According to Business Leader, some $31 billion in public funding was earmarked for investment in developing quantum technologies by governments globally in 2021 alone, with $4.1 billion raised by quantum start-ups that year.
The ecosystem for innovation in the field of quantum computing is currently flourishing, with more than 212 start-up companies dedicated to developing quantum technologies. In the United Kingdom, the government has launched its long-awaited National Quantum Strategy, establishing a new Office for Quantum as part of the Department for Science, Innovation and Technology and earmarking £2.5 billion in funding for investment in the sector over the course of the next decade.
The potential of quantum computers to crack current encryption methods has triggered a global race to create post-quantum cryptography. This new field of research focuses on developing cryptographic algorithms capable of deflecting attacks from both classical and quantum computers.
In the United States, the National Institute of Standards and Technology is leading the charge in this area. As far back as 2016, the government body launched a competition to help standardise post-quantum cryptographic algorithms, attracting submissions from some of the world’s leading experts and researchers.
The development of post-quantum cryptography is vital for securing data in the future. In addition, it is also important to consider the ramifications of quantum computing on sensitive information that is encrypted at present. Even if post-quantum cryptographic algorithms were standardised and adopted en masse, there remains a risk that encrypted data stored currently could be decrypted at some point in the future once the availability of quantum computers increases. Known in the field as ‘harvest now, decrypt later’, the phenomenon places huge pressure on organisations all over the world to assess the sensitivity of their data, taking steps to develop security measures to protect themselves and any sensitive information they hold against decryption in the future.
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