IBM executive warns of risk of quantum computing hacks
Organizations are unprepared for the risks posed by quantum computing, IBM's Europe and Africa vice president Alessandro Curioni told AFP Wednesday, referring to the high-speed technology that could crack security encryptions and enable large-scale cyberattacks.
IBM's Europe and Africa vice president, Alessandro Curioni, has cautioned that organizations are ill-prepared for the risks quantum computing poses. Speaking at a London conference, Curioni noted that fewer than 10% of organizations have implemented quantum-safe measures today. IBM, a competitor with Microsoft and Google in this field, aims to develop a large-scale, fault-tolerant quantum computer for commercial clients by 2029.
Quantum computers, harnessing the principles of quantum physics, have the potential to solve complex problems and process vast amounts of data rapidly. However, they also present a significant threat by potentially breaking encryptions that safeguard vital data and communications. Countries like Britain are urging organizations to fortify their information systems against such attacks.
Curioni expressed concern that malicious actors could exploit quantum computing to target financial institutions, industries, and banks. He speculated that before malicious actors could decrypt data, they might first harvest vast amounts of information. Current quantum computers are insufficient to carry out such attacks, but it remains uncertain when they might reach that stage.
David Debnam, an operational risk director at British insurance firm Aviva, echoed Curioni's concerns. He suggested that malicious actors could store large volumes of data now, and decrypt it once quantum computers become advanced enough. The UK recommends transitioning to quantum-resistant cryptographic systems by 2035 to secure data.
The U.S., China, and France are also investing in quantum computing development, which McKinsey estimates could generate up to $2.7 trillion in economic value by 2035. While Curioni acknowledged the immense benefits of quantum computing, he emphasized that current systems lack the capability to break widely used encryption. The timeline for this capability remains uncertain. Once quantum-resistant cryptography is adopted, sensitive data and communications may be more secure.
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