Hong Kong Banks Face Long Road to Quantum Security, White Paper Finds

A Hong Kong Monetary Authority-supported white paper found that most banks in Hong Kong recognize the strategic importance of quantum computing but remain in the early stages of preparing for post-quantum cryptography (PQC). The report identifies quantum-enabled cyber threats, including “Harvest Now, Decrypt Later” attacks, as an immediate concern and recommends that banks begin migration planning well before cryptographically relevant quantum computers become available. The paper calls for banks to establish governance, inventory cryptographic assets, engage technology vendors on PQC roadmaps and integrate quantum readiness into long-term cybersecurity and operational resilience programs. Uncertain. Uneven. Unready. Hong Kong’s banking sector has begun preparing for quantum computing, but most institutions remain in the early stages of protecting their systems against future quantum-enabled cyber…