Quantum computing is advancing at a rapid pace. The speed of these computers will dwarf current computers and render the cryptography used to protect today’s data ineffective. Predictions are that a general purpose quantum computer will be ready in as little as 2 years and at most 9 years. Native quantum computers are working today. Last week, China announced they are adding an additional $10 billion to their effort to build a general purpose quantum computer.
Last year, the National Institute of Standards and Technology (NIST) made a call for proposals for quantum-resistant cryptographic algorithms for new public key crypto standards. The deadline for submission is this month. The analysis by NIST is scheduled to take 3-5 years. At least one X9 member company has submitted candidates to NIST.
ISARA Corporation specializes in creating quantum-safe cryptography and they recently joined X9 as a member. Two representatives from ISARA, Scott Totzke (CEO) and Alex Truskovsky, will discuss the benefits of quantum computing, the threat it poses to security, and new quantum-safe solutions that will replace or augment your existing security systems. This will be the first of several X9 seminars on quantum computing and how it will affect cryptography used by the financial industry and X9’s standards.
The seminar will start at 12:00 noon (ET) on November 16th and run until 1:30 pm (ET). Register today to receive additional details about the seminar. If you are not able to attend, the seminar will be recorded and made available on our web site on November 17th.