Cyber Insurers Urged to Prepare for Quantum Threat Within 4 to 5 Years

1 articles · Updated · Re-Insurance.com · Jul 24

A July 6 PLUS blog warned quantum computing could become an unprecedented challenge for cyber insurance claims, arguing insurers cannot afford a “prepare later” approach.
Current encryption could be broken once sufficiently powerful quantum machines arrive, opening the door to “harvest now, decrypt later” attacks in which stolen data is decrypted years after a breach.
At an AM Best briefing on July 23, Judy Selby said carriers should already ask insureds about post-quantum cryptography plans, putting a possible Q-Day at roughly four to five years away.
Some London market participants still see little near-term claims impact, saying annual policy renewals and future underwriting changes give insurers time to adapt before quantum risk becomes material.
The debate highlights a wider industry split: experts say migration will take years and resources, while skeptics argue proving future decrypted data ties back to old breaches may be difficult.