Spanish banking facing the risk of quantum computing
Financial entities offering digital assets must prepare for quantum computing, which can blow up all 'crypto' security. In Spain there are six financial institutions that offer crypto assets and have the European MiCA license: BBVA, Cecabank, Openbank, Renta 4, CaixaBank and Kutxabank.
Crypto Finance, a company from Deutsche Börse, is warning European financial institutions, including six in Spain - BBVA, Cecabank, Openbank, Renta 4, CaixaBank, and Kutxabank - that they need to prepare for the risks of quantum computing, which could compromise digital security. Quantum computing poses a threat to digital information security if new computers can break current encryption systems.
While no entity is currently prepared for this risk, some have started to prepare, and regulators and international organizations, such as the European Central Bank, the Bank for International Settlements, and the US Federal Reserve, are working on developing frameworks for a transition to post-quantum cryptography. Financial institutions are advised to identify where cryptography is used in their systems and take actions in three main areas: adopting a cryptographic agility framework, reviewing contracts with technology providers, and initiating evaluation and integration of post-quantum algorithms.
Written by urgent.news from Expansion ES's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
