IDQ features in Cyber Security Special Report

IDQ features in Cyber Security Special Report

Earlier this month, the London Institute of Banking and Finance (LIBF) published a Cyber Security Special Report, featuring five articles that appeared in the July Edition of Financial World Magazine; the journal of the LIBF, published six times per year in association with the Centre for The Study of Financial Innovation (CSFI).

In his introduction, Peter D Hahn highlights what he refers to as the dangers of data.

“Cybercrime is a considerable area of concern for financial institutions around the world. In recent years, cybercrime activities have facilitated fraud, theft, and invasions of privacy in banking as well as temporarily crippling businesses around the globe including parts of the UK’s National Health Service, as the recent “WannaCry” ransomware attack demonstrated.”

In a series of articles, the report outlines the challenges facing the financial services sector. Whilst every industry is vulnerable to data breaches, the volume and nature of financial customer data makes it a high value target for cyber-criminals worldwide.

Digital transformation technology, including the Internet of Things, has been embraced by the banking and finance sector. However, the increase in connected devices introduces a new level of systems vulnerability.

“Banks have embraced the endless opportunities provided by ICT, with undeniable benefits for their own internal operations and their customers. The future of those benefits will depend on the banks’ ability, in cooperation with the government and business partners, to address the new dimensions of cyber-crime and to preserve public trust in the latest technologies.”

In his article “A Quantum Leap in Fear”, Ray Rubenstein warns of the threat posed by quantum computing, which could break open the security systems protecting the world’s financial data and transactions.

In the war between cryptographers and hackers, the advent of the quantum computer is set to redraw the lines of battle. With experts predicting a viable quantum computer in as little as ten years, one of the greatest threats to long-term financial data security is the concept of “capture now, decrypt later”.

Rubenstein goes on to discuss the options when it comes to replacing public key infrastructure with quantum-safe alternatives; highlighting both quantum-safe algorithms and quantum key distribution. Amongst the contributors to the article is Kelly Richdale, Senior VP Quantum-Safe Security for IDQ.

“You can think of it [QKD] as adding an additional layer of quantum security on top of everything you already have,” says Kelly Richdale, ID Quantique’s senior vice-president of quantum-safe security”.

“Quantum key distribution has provable security. You know it will be safe against a quantum computer if implemented correctly,” says Richdale. “With post-quantum algorithms, it is a race against time, since in the future there may be new quantum attacks that could render them as vulnerable as RSA.”

 

A copy of the report is available to download here.

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