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How the financial sector can anticipate the threats of quantum computing to keep payments safe and secure
At the end of 2015, the Dutch General Intelligence and Security Service informed owners and managers of vital infrastructure in the Netherlands about the developments and threats emanating from the advent of quantum computing. Dutch financial institutions have since started to monitor developments in quantum computing and are seeking to understand the implications for their interbank business processes. This paper looks at how banks and payment institutions can anticipate how quantum computing will evolve and respond accordingly, even though developments remain ongoing. To gain and maintain a good understanding, the Dutch Payments Association brings together quantum computing experts and experts from financial institutions to discuss the impact of quantum computing advancements on the industry. The key deliverable is to offer an approach to dealing with the threats associated with quantum computing, so that payment systems can continue securely and undisturbed. As this paper will discuss, this has resulted in a quantum readiness programme and seven so-called lowregret moves.
The full article is available to institutions that have subscribed to the journal
Oscar Covers is Senior Information Risk Consultant and Cybersecurity Analyst at the Dutch Payments Association. He analyses ICT-related security risks for the Financial Institutes — Information Sharing and Analysis Centre and, where necessary, coordinates the response. He chairs the European Cards Payments Association Security Working Group and participates in the working group that maintains the international requirements for payment terminals. He is also a member of the board of advisors that advises the payment card industry on issuing and maintaining the international security standards used by American Express, Discover, JCB, Mastercard and Visa.
Marco Doeland is Head of Risk Management at the Dutch Payments Association. He is also Chairman of the Security Task Force at the Dutch National Forum on the Payment System (MOB) and Chairman of the Interbank Security Task Force. In addition, he is a member of the Financial Services — Information Services and Analysis Center (FI-ISAC) and the Interbank Business Continuity Forum.