(BobsGuide) Large US banks are racing to get ahead of quantum computing powered encryption breakers, by showing interest and investing early in quantum key distribution (QKD).
Mew research from analyst Inside Quantum Technology suggests that firms are taking note, estimating that the QKD market will grow to $980m by 2024 compared to $85m in 2019. “It’s hack now, decrypt later. Break into the CIA, take all their heavily encrypted data and wait for someone with a quantum computer,” says Lawrence Gasman, president of Inside Quantum Technology, explaining how financial institutions move critical and large data from headquarters to back-up or recovery facilities. “Increasingly QKD is looking like a good option to protect that,” says Gasman. “It’s not just important, it’s not just protecting it from quantum computers, but being 100% certain that it’s as protected as it ever could be.”
Click here for information on the IQT report Quantum Key Distribution (QKD) Markets: 2019-2028.