Quantum Security for the Financial Sector: Informing Global Regulatory Approaches W H I T E P A P E RJ A N U A R Y 2 0 2 4In collaboration with Financial Conduct Authority (FCA)Images: Getty Images© 2024 World Economic Forum. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, including photocopying and recording, or by any information storage and retrieval system.Disclaimer This document is published by the World Economic Forum as a contribution to a project, insight area or interaction. The findings, interpretations and conclusions expressed herein are a result of a collaborative process facilitated and endorsed by the World Economic Forum but whose results do not necessarily represent the views of the World Economic Forum, nor the entirety of its Members, Partners or other stakeholders.ContentsForeword 3Executive summary 4Introduction 51 Current landscape 72 Guiding principles 83 Industry-regulator journey to a quantum-secure economy 11Conclusion 17Appendix 18Contributors 19Endnotes 21Quantum Security for the Financial Sector: Informing Global Regulatory Approaches2ForewordQuantum technology has the potential to revolutionize financial services, improving computation, modelling and fraud detection, but it also poses significant cybersecurity risks. To fully benefit from the sector’s transition to the quantum economy era, it is key to address these challenges that could undermine the digital security and foundational elements of the financial sector. These potential systemic disruptions underscore the need for a unified, global and cross-industry approach to quantum security for the financial sector.Shaping the development of the quantum economy, globally, has been one of the key priorities of the World Economic Forum’s Quantum Economy Network since its inception. The network has been fostering public-private cooperation and driving action on key topics such as quantum governance and security.Balancing innovation with consumer protection is paramount for the Financial Conduct Authority (FCA), as we seek to not only keep pace with technological advances but shape them for maximum benefit while mitigating risks. Initiatives such as the Emerging Technology Research Hub, digital and regulatory sandboxes and the Global Financial Innovation Network demonstrate the FCA’s proactive approach to informed policy-making.The World Economic Forum, in collaboration with the FCA, has been at the forefront of the international dialogue that has led to this paper, gleaning insights from industry, academia, financial authorities, regulators and central banks. This initiative lays the groundwork and provides guidance for more collaborative, harmonized and globally informed quantum security strategies. This initial discussion forms an invitation for ongoing collaboration with stakeholders to ensure that the financial sect...
