(Menafn) Quantum computing is the next frontier for the banking sector. This technology can dramatically reduce the amount of time necessary to solve complex calculations while improving accuracy significantly. Although the full implementation of this concept is still several years away, several banks are already experimenting with how they can change to this new environment.
Quantum computing will give the industry opportunities to optimize portfolios, analyze risk, and calculate accurate default probabilities on a massive scale.
The banking sector’s top priority is to protect information and communications that are critical to the success of the industry. Individuals, businesses, and governments share a massive amount of data with individual institutions as part of their banking needs. That’s why the average financial organization typically experiences more cyberattacks than any other .
As the capabilities of quantum computing continue to improve, then this technology presents a set of powerful new defenses that can protect critical data against future attacks. It prevents eavesdropping by authorized groups, provides for the current and future secrecy of encryption keys, and still protects networks from the traditional threats that work to steal information.