Reserve Bank governor Michele Bullock says banks must shift to stronger encryption standards to protect the payments system from the looming arrival of quantum computing, describing the powerful emerging technology as a big threat to data security across the economy.
“If you believe what they say on the tin of quantum computing, what takes 200 years to decrypt now – to break – will take a matter of minutes: so it is a big threat,” she said after delivering a speech at an event hosted by The Daily Telegraph in Sydney. “Certainly, it is something I worry about.”
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