Transitioning to quantum-safe is not just about upgrading our current cryptographic systems. More to the point, they require a complete overhaul, which will be a complex and far-reaching technological process that the financial sector will have to implement in several phases. To achieve this goal, the QSFF is a key space from which companies in the industry can share knowledge and best practices, agree on evaluation mechanisms applicable to the entire industry, and coordinate actions and resources aimed at making a simultaneous transition to PQC.
“Current quantum computers are experimental and, while they might not seem to pose much of a threat today, they may do so in the near future. With that in mind, we must protect the confidentiality of our data and communications until that future arrives,” explains Escolástico Sánchez, leader of Quantum Discipline at BBVA. “With the creation of the QSFF, banks are now getting ahead of the threat curve, as they begin to build security systems that are robust and capable of shielding our own data, and that of our customers, from the malicious use of this kind of technology.”
Aside from BBVA, the following banks are also taking part in the QSFF: Banco Santander, CaixaBank, Barclays Bank, BNP Paribas, Dutch Banking Association (Nederlandse Vereniging van Banken), European Banking Federation, FS-ISAC, Intesa Sanpaolo, Mastercard, Moody’s, Novo Banco and Rabobank.