Act now to be resilient in the quantum future
By FCA
AI summary of the source article
UK financial firms are being urged to prepare for post-quantum cryptography, following recommended migration milestones set for 2028, 2031, and 2035. Regulators are trialling a supervisory self-assessment tool to gauge industry preparedness and plan further cyber resilience guidance consultations.
Why it matters
Without trustworthy cryptography, consumers would face fraud, firms would suffer operational disruption, and the integrity of financial transactions and markets would be put at risk.
Key facts
- The NCSC recommends firms complete a PQC migration plan by 2028, high-priority migrations by 2031, and all migrations by 2035.
- Failed change projects accounted for around a fifth of all incidents reported to the supervisory body in 2025.
- Regulators are trialling a new supervisory self-assessment tool to measure firm maturity and readiness for post-quantum migration.
Source excerpt · FCA
Quantum computing will bring significant opportunities to the UK financial sector, but firms need to act now to prepare for a world where a viable hostile quantum computer could break today’s widely used cryptography standards.The financial sector depends on secure information and communication. Cryptography – of which encryption is just one part – helps firms protect their clients’ data, verify w…