2024 prediction: post-quantum cryptography will become the next big boardroom discussion
No longer just a buzzword, crypto-agility in light of post-quantum cryptography will become a key focus for the C-suite next year. This shift has been massively supported by NIST’s development of quantum-resistant encryption and its impactful educational campaign on quantum’s threat to decryption. The quantum threat is no longer just a theoretical discussion but has come into mainstream focus.
As we step into 2024, a pivotal shift is on the horizon—one that will elevate post-quantum cryptography from a niche IT and CISO concern to a mainstream boardroom discussion. No longer relegated to the realm of tech teams and security experts, the imperative to transition to quantum-resistant cryptography is set to dominate C-suite conversations across industries. Next year is poised to witness a paradigm shift in how organizations approach their cybersecurity strategies.
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NIST
The catalyst for this shift can be traced back to the National Institute of Standards and Technology (NIST), a pivotal player in the world of cryptographic standards. In response to the growing threat posed by quantum computing to traditional encryption methods, NIST has spearheaded the development of quantum-resistant encryption algorithms. What was once a theoretical discussion about the vulnerabilities of current encryption models has now been translated into tangible, business-critical action.
From niche discussion to mainstream business focus
Over the next 12 months, organizations will no longer view quantum-resistant cryptography as a mere buzzword or a topic to be briefly addressed in passing. Instead, becoming crypto-agile will emerge as a key strategic focus for the C-suite. The urgency stems from the fact that quantum computers, with their exponentially increased processing power, have the potential to render current cryptographic systems obsolete. In essence, the very foundation of digital security is at stake.
Awareness of the imminent threat quantum computing poses to traditional decryption methods has increased throughout 2023. What was once a niche and theoretical discussion is transforming into a mainstream business focus. Quantum computing is proposed to be 158 million times faster than today's computers, so really the questions shouldn’t be “Why should C-Suite be talking about Quantum”, but “Why aren’t they already?”
Survival in the digital age: the stakes for businesses in the quantum era
One of the primary drivers behind the urgency is the fact that quantum computers have the ability to break widely used encryption algorithms, such as RSA and ECC, in polynomial time. This means that confidential data, once considered secure, could be decrypted in a fraction of the time it currently takes. As businesses grapple with the implications of this quantum threat, the need to adopt quantum-resistant cryptography becomes not just a matter of prudence but one of survival in the digital age.
Businesses who suffer certificate outages report financial losses anywhere from a few hundred dollars per minute, to $1 to 6 million per hour. If this is what a short time offline can cost, it isn’t too difficult to imagine what the consequence would be for enterprises and governments when sensitive data is made vulnerable to unauthorized access in seconds. The stakes have never been so high.
What will be discussed in these boardrooms?
Business leaders will need to reassess their current cryptographic infrastructure and develop a roadmap towards quantum-resistant solutions. This transition is not without its challenges, as implementing new cryptographic protocols requires careful planning, resource allocation, and a keen understanding of the evolving threat landscape. Organizations that proactively embrace quantum-resistant encryption will not only fortify their cybersecurity posture but also gain a competitive edge in an increasingly digitized and interconnected world. Stakeholders, including customers, investors, and regulatory bodies, are likely to view such proactive measures favorably, establishing trust and confidence in the organization's commitment to safeguarding sensitive information.