Agile Cryptography for the Banking Industry

This document is a technical report that discusses the implications of quantum computing on the banking industry, particularly focusing on the need for agile cryptography. It outlines how quantum computing could potentially break existing public key encryption, exposing sensitive financial information. The report emphasizes the importance of transitioning to quantum-resistant encryption algorithms as mandated by the White House's National Security Memorandum 10. It details the process of identifying vulnerable cryptographic protocols within banking infrastructures and highlights the necessity for cryptographic agility to adapt to evolving threats. The document also presents SandboxAQ's role in assisting banks with the migration to post-quantum cryptography (PQC) and emphasizes the urgency of beginning the discovery process to safeguard financial data. Additionally, it discusses the partnership with Deloitte and EY to support financial organizations in implementing transformative AQ solutions and navigating the changing regulatory landscape. Overall, the report stresses the critical need for banks to proactively address quantum threats to maintain security and compliance.