Quantum computers, an emerging technology that vastly accelerates processing power by performing calculations in parallel rather than sequentially, will make existing encryption systems obsolete. IBM has developed many of the foundational technologies for the quantum era, which Assis said could arrive by 2030. — Bloomberg
Governments and businesses are not prepared for the havoc quantum computers will sow in cybersecurity by the end of the decade, according to an International Business Machines Corp executive.
“Is quantum going to really create a cybersecurity Armageddon?” Ana Paula Assis, IBM’s general manager of Europe, Middle East and Africa, said on a panel at the World Economic Forum in Davos on Wednesday. “It’s going to.”
Quantum computers, an emerging technology that vastly accelerates processing power by performing calculations in parallel rather than sequentially, will make existing encryption systems obsolete. IBM has developed many of the foundational technologies for the quantum era, which Assis said could arrive by 2030.
Some governments are beginning to take the threat seriously. The US Senate, in a rare unanimous vote, passed a bill in 2022 addressing the threat of quantum computers on cryptography.
Businesses are not equipped to utilise quantum machines or deal with the disruption they will cause, SandboxAQ chief executive officer Jack Hidary said on the panel.
Most “companies do not have a robust roadmap yet as to how they’re going to use AI and quantum together to solve core problems”, Hidary said.
He said a “trainwreck” is unfolding, estimating that it will take banks eight to ten years to transfer to post-quantum protocols, while scalable quantum computers will be available by 2029 or 2030. Anything that uses encryption, from ecommerce to online banking, is at risk, according to Hidary. – Bloomberg
