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Quantum-Safe Security Solutions for Banking and Financial Institutions

Banks and financial institutions have some of the most demanding industry IT requirements. They need to ensure real-time availability of data for banking transactions and applications, while at the same time protecting sensitive client and proprietary information. In addition, they are subject to increasing levels of ever more stringent compliance and regulatory requirements.

As digitalisation is increasing, so is the number and complexity of cyber-attacks. The banking industry has always been a ‘hacker-favourite’. This trend continues to be true according to the latest “Cost of Cybercrime” study by Accenture:

  • The average cost of cybercrime reached $18.37M
  • Banking the number 1 industry impacted.

In parallel, IBM and Ponemon’s “Cost of a Data Breach” report indicates an average total cost of a data breach of $5.86M for the financial industry (number two after healthcare).

Responses to data breaches are increasingly severe, with an average stock price decline of 6.8% (from 4.4% in 2016).

Customer decline after ID theft or fraud:

  • 3% left their credit union
  • 28% left their banks
  • 4% left their credit card company

In addition, it is worth noting that consequences of a data breach have a tendency to linger long after the incident – especially in high regulatory environments – with only 53% of costs occurring in the first year, 31% in the second year and 16% more than two years after the incident.

Quantum computing changes the game

Quantum computers are ideally suited to solve complex mathematical problems, such as the factoring of large numbers, which is at the core of asymmetric cryptosystems.

Implication for cyber security are serious: quantum computers will break most internet security solutions relying on public-key cryptography. Today’s encrypted data is already at risk as it can be stored and decrypted once quantum computers are available.

Organisations that need to protect data for 10+ years must start their quantum journey today.

More on Quantum Computing


Quantum technologies applied to banking and finance

Quantum Random Number Generation for PKI: Plan now, act later

The foundation of a good cybersecurity strategy relies on the quality of the entropy used to generate encryption keys.

Quantum physics proves that a Quantum Random Quantum generator are truly random and can generate keys at much higher speeds than conventional number generators. The use of QRNGs is therefore an easy first step towards Quantum Safety.

IDQ provides QRNGs in various form factors and performances to respond to most use cases encountered in financial applications such as authentication, encryption, digital signatures, secure access control, high speed trading or blockchain private key generation.

QRNG can also provide distributed randomness-as-a-service through the Quantis Appliance, for use in security applications as well as in financial simulations (such as Monte Carlo simulations).

quantum random number generation (QRNG) authentication
Improve entropy of the key generation: A QRNG appliance can easily be integrated in an existing encryption infrastructure.

Quantum Key Distribution for DCI confidential: Act now

Quantum Key distribution is the logical next step towards Quantum safety. Once data is encrypted, the interception of the key that was used for the encryption would “nullify” the effect of the encryption.

IDQ’s QKD solutions provide an additional layer of security to an existing system by providing a quantum protected channel for the key exchange.

The intrinsic properties of the single photons used to carry the key in that channel would make any interception attempt apparent to the receiver and the use of that key material would therefore be cancelled.

QKD becomes increasingly relevant in the network digitalisation process as previously distributed topologies consolidate in fewer and increasingly critical links and the adoption of SDN solutions.

More on Quantum Key Distribution

QKD for finance and banking
Secure the exchange of the encryption keys: IDQ’s QKD systems are integrated with most major encryptor manufacturers, and offer a provably safe transport of the keys through a separate channel.

Quantum Key Distribution (QKD) use cases

longer distances and multiple data center interconnect in the banking & financial Industry
Example for longer distances and multiple data center interconnect in the financial Industry.
ring metropolitan infrastructure with redundant routes
Example of a ring metropolitan infrastructure with redundant routes.

The Quantum Vault

The Quantum Vault offers a tokens custody security solution that will meet the same security requirements as bank-grade security solutions on HSMs.
Why?

  • Major pain point of blockchain technology: Storage of Digital Keys (tokens)
  • Private keys need to be stored in tamper proof, reliable and protected systems

Main advantages:

  • Unconditional security thanks to the joint use of QRNG and two technologies “Information Theoretic Secure”: Keys split with Shamir secret sharing protocol and QKD
  • Backup without duplication: Keys are never in their complete form in the HSMs (Key storage or backup nodes)
  • High availability of the keys for signature, authentication and transactions
The Quantum Vault

 

Contact us to start your journey to quantum safety

 

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