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Visa and JPMorgan Researching Methods of Thwarting Quantum Computer Cybereattack

By IQT News posted 12 Oct 2020

(WSJ) Visa Inc. and JPMorgan Chase & Co. are already researching methods capable of thwarting a quantum computer cyberattack, developing new processes and closely following the race for new encryption standards.Researchers at Visa have published four peer-reviewed papers about cryptographic systems that could be used against a quantum-computing attack, and a fifth is in the works, Mr. Taneja said. Dozens of security experts and software engineers across the firm have contributed to the resea
“The data we have is sensitive, and it is vast in quantity, so protecting that data is job number one for us,” said Rajat Taneja, president of technology at Visa which started studying post-quantum cryptography nearly six years ago.
Yassir Nawaz, an executive director at JPMorgan responsible for securing emerging technologies at the bank. JPMorgan executives have been aware of the threat for years, he said. “We’ve been actively discussing within the firm as to how we’d address this,” Mr. Nawaz said. “But the reality is that this is something that affects the entire ecosystem.”
Visa and JPMorgan plan to begin adopting NIST’s new standards when they become available, which will require coordination with industry organizations. It can take as long as 15 years for internet activity to be secured by the new encryption methods, experts say.

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