The European Union's financial supervisors warn that quantum computers may compromise current encryption standards before the technology reaches commercial viability. This threat, known as Q-Day, could undermine the security of communications, databases, and blockchain networks.
The joint committee, comprising the European Banking Authority, the European Insurance and Occupational Pensions Authority, and the European Securities and Markets Authority, highlighted the risk of 'harvest now, decrypt later' attacks. Data intercepted today remains vulnerable to future decryption.
Current regulations, such as the Digital Operational Resilience Act, mandate the use of advanced cryptography. Additionally, the EU's NIS Cooperation Group has advised member states to implement post-quantum migration strategies by the end of 2026.
Blockchain networks face specific risks. Data from Glassnode in May indicated that 6,04 million BTC, representing 30,2% of the supply and valued at over $469 billion at the time, are potentially exposed due to visible public keys. Experts estimate Q-Day could occur between 2030 and 2032.
Despite these risks, supervisors noted that quantum computing could eventually optimize financial processes, fraud detection, and simulation. Authorities recommend that financial institutions continue planning for AI and quantum threats while strengthening cybersecurity.
