As technology continues to progress at lightning speed, cybercriminals are becoming increasingly savvy when it comes to exploiting the encrypted data of today’s businesses. However, there is no need to panic! By remaining vigilant and implementing powerful security measures, we can successfully curb the threat posed by “steal now, crack later” quantum computing.

Over the next decade, quantum computing is expected to take off, and while this is exciting news for many companies, it also poses a risk of data breaches. Cybercriminals are already using quantum computing tools to store valuable information, with the hope of cracking it one day, which is why we need to protect ourselves now.

Fortunately, we have the power to combat this threat by taking proactive measures. By keeping ourselves up to date on the latest cyber risks and utilizing robust security measures, we can guarantee the safety and security of our valuable business data. It’s important to approach the future with optimism, as quantum computing holds immense potential benefits.

According to Gartner’s latest findings, conventional asymmetric cryptography may become unsafe in around 2029. However, we still have approximately ten years before breaking a 2048-bit key, and we can increase key sizes in the next three years for an even more secure environment.

But remember, cyber gangs breaking encrypted files with quantum computing is unlikely to happen frequently, as many organizations lack the data centers and quantum computing power to decrypt information. Additionally, quantum computing technology is too expensive for most cyber criminals to access, and they prefer traditional techniques like social engineering or phishing.

Malicious uses of quantum computing will probably be employed by nation-states or those backed by them, aiming to obtain sensitive information harmful to national security. Therefore, businesses must evaluate their risk level from hackers sponsored by nation-states and take appropriate measures to beef up their cybersecurity.

According to quantum informatics expert Dr. Chris Heunen at the University of Edinburgh, the likelihood of a quantum attack in the near future is only a concern for powerful nation-states. Furthermore, principal analyst Heidi Shey from Forrester states that these types of attacks will only target organizations with high-value data.

Did you know that cybersecurity experts are already prepping for quantum computing? They’re warning us that even critical infrastructure and blockchain technology are vulnerable to quantum-powered attacks. Major blockchain companies and the US government are taking proactive steps to prepare for this threat. The National Institute of Standards and Technology has been working on standardized protocols since 2017, and President Biden recently signed the Quantum Computing Cybersecurity Preparedness Act. A White House memo has urged agencies to take inventory of their cryptographic measures, while proposed legislation on post-quantum cryptography is being considered.

There are actually more benefits to utilizing technology than there are risks to cyber security, but it’s important to evaluate potential risks and take steps to secure encrypted data. Experts Horvath and Shey recommend that CISOs or CIOs lead this process by identifying the sensitivity and value of the company’s data. Once the risk level and lifespan of the data are established, businesses can take necessary precautions to protect themselves.

It’s crucial to acknowledge that ignoring cyber security is not an option in today’s digital age. By taking preventive measures, you can stay safe and smart. According to Horvath, data that lasts only two to three years is secure, but data lasting longer, like four to seven years, requires longer key lengths like 3072-bit. For crucial data such as those found in mortgages, bonds, or financial instruments that last beyond a decade, there’s an imperative to plan ahead for quantum safe encryption.

The NCSC and telecoms companies are discussing quantum key distribution. While this may seem overwhelming, the key is to start preparing as soon as possible. It’s important to remember that previous cryptographic changes, like the transition to SHA-2, were challenging, but we were able to adapt.

The move to post-quantum encryption will certainly come with its own set of challenges. Quantum technology is different from current cryptographic methods, so a simple switch won’t suffice. Implementing post-quantum algorithms requires unique processes for generating keys, exchanging them, and encrypting/decrypting data. Each company will have their individual needs to prepare themselves for this change.

But don’t worry! Every organization has the opportunity to take proactive steps to ensure they are ready for the quantum era. With dedication and determination, organizations can successfully adapt to this cutting-edge technology. It’s an exciting time, and the skills gained from successfully adapting to this change will be invaluable in the future.