Pennsylvania Lawmakers Probe Quantum Risks to Banking Encryption as Threats Could Last Thousands of Years
Updated
Updated · WGR550 · Aug 24
Pennsylvania Lawmakers Probe Quantum Risks to Banking Encryption as Threats Could Last Thousands of Years
1 articles · Updated · WGR550 · Aug 24
Summary
Pennsylvania House lawmakers examined how quantum computing could upend current internet security, with testimony warning that banking and financial-service encryption could become useless once the technology matures.
Matt Brandsema of Penn State told the Communications and Tech Committee that today’s encryption relies on math problems conventional computers would need thousands of years to solve, but quantum machines could crack them far faster.
That risk extends beyond future data: encrypted files intercepted and stored now could be decrypted later, creating a long-tail exposure for sensitive documents.
Brandsema said quantum-resistant encryption already exists and urged early preparation, while arguing the technology’s upside is larger because it could solve chemical reactions and other complex formulas beyond current computing.