(Finextra) Scotiabank in Canada has begun to explore the migration to encryption methods that can keep out the hackers of the future now that the quantum computing revolution gathers pace.
Scotiabank chief risk officer Daniel Moore says the bank is already thinking about the implications for data security and moving to quantum-safe encryption methods. “Those are classical methods, but they’re demonstrably safe from quantum decryption,” Moore says in a blog post. “We’re understanding what the solutions to the problem are, and we’re starting to have that dialogue about what our defensive strategy would be. What are your crown jewel assets that you need to protect first, with the highest defences, and how would you do that?”
Scotiabank has been working with BMO Group and Toronto-based photonic quantum computing specialist Xanadu to explore how to increase the speed and accuracy of computations in trading. The proof-of-concept used an algorithm developed by Xanadu called quantum Monte Carlo and a software suite to simulate it on various trading products.