Is Your Bank Quantum-Safe Yet?

Q1. What does a harvest-now-decrypt-later attack involve?.
- Stealing encrypted data today and decrypting it with future quantum capabilities
- Replacing all bank passwords every day
- Using quantum computers to stop current transactions
- Encrypting data only after a breach
Answer: Stealing encrypted data today and decrypting it with future quantum capabilities
Q2. Which NIST standard and algorithm are intended primarily for key establishment and general encryption?[[cite:1]][[cite:2]].
- FIPS 203 and ML-KEM
- FIPS 204 and ML-DSA
- FIPS 205 and SLH-DSA
- FIPS 203 and FN-DSA
Answer: FIPS 203 and ML-KEM[[cite:3]][[cite:4]]
Q3. Which NIST-standardized algorithm is the primary digital-signature option for authentication, certificates and transaction integrity?[[cite:5]][[cite:6]].
- ML-DSA under FIPS 204
- ML-KEM under FIPS 203
- SLH-DSA under FIPS 205
- HQC under FIPS 205
Answer: ML-DSA under FIPS 204[[cite:7]][[cite:8]]
Q4. Why should banks begin preparing before a cryptographically relevant quantum computer becomes operational?[[cite:9]][[cite:10]].
- Sensitive encrypted data may be harvested today and decrypted later
- Quantum computers already decrypt all banking data
- Migration requires no testing or coordination
- Only symmetric encryption is vulnerable to quantum computers
Answer: Sensitive encrypted data may be harvested today and decrypted later[[cite:11]][[cite:12]]
Q5. What should be the first major discovery step in a bank's post-quantum migration programme?[[cite:13]][[cite:14]].
- Build a comprehensive cryptographic inventory
- Retire every existing cryptographic system immediately
- Wait for suppliers to choose the algorithms
- Deploy a proprietary post-quantum algorithm bank-wide
Answer: Build a comprehensive cryptographic inventory[[cite:15]][[cite:16]]
Q6. Which approach is recommended for managing migration and interoperability risks during the transition to post-quantum cryptography?[[cite:17]][[cite:18]].
- Use tested hybrid mechanisms where appropriate and migrate in phases
- Replace every algorithm at once without testing
- Use only proprietary algorithms developed internally
- Avoid coordinating with payment systems and counterparties
Answer: Use tested hybrid mechanisms where appropriate and migrate in phases[[cite:19]][[cite:20]]

Is Your Bank Quantum-Safe Yet?

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