(InvestmentExecutive) The prospect of quantum computing represents a major cyber risk to insurers, says Fitch Ratings. Insurers are seen as particularly rich targets for cyber attacks, Fitch points out in a recent report, given their access to large amounts of personal healthcare and financial data.
“Quantum computing’s disruptive potential lies in its speed in comparison to a conventional computer,” Fitch says, noting that this could provide the processing speed and power to “undermine current encryption standards that have served as the lynchpin protecting online commerce.”
Future Loss of Data Privacy Would Be Far Reaching for Insurers
“The loss of data privacy would be far-reaching and could significantly disrupt cyber insurance as the costs of any breach would be significantly higher and attempts on data-rich sectors such as financial institutions would increase significantly,” it says.