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Quantum-safe banking: test your understanding

Six questions on quantum risks, key establishment, digital signatures and migration planning. The explanations link to NIST standards and joint agency guidance; this quiz does not certify any bank’s security.

What does a harvest-now-decrypt-later attack involve?
Difficulty: Easy
Answers and explanations
  1. What does a harvest-now-decrypt-later attack involve?

    Collecting encrypted data now to try to decrypt it with future capabilities

    The concern is the lifetime of sensitive data: encrypted material collected today could remain valuable when future computers can attack vulnerable public-key cryptography. Preparation is intended to protect that long-lived information.[6]
  2. What is the purpose of ML-KEM under FIPS 203?

    Establishing a shared secret between parties

    ML-KEM is a key-encapsulation mechanism. It establishes a shared secret that symmetric-key algorithms can then use for tasks such as encryption and authentication; it is not itself a general-purpose data-encryption algorithm.[7]
  3. Which standard specifies ML-DSA for digital signatures?

    FIPS 204

    FIPS 204 specifies ML-DSA signature generation and verification. These signatures help detect changes to signed data and authenticate the signatory. ML-KEM under FIPS 203 serves a different role: establishing a shared secret.[8]
  4. When should an organization start preparing for migration?

    Before quantum attacks become practical

    NIST encouraged organizations to start integrating its finalized standards because full integration takes time. Early preparation leaves room to assess dependencies and plan changes instead of waiting for an attack.[1]
  5. What helps reveal an organization’s dependencies on public-key cryptography?

    A cryptographic inventory

    CISA, NSA and NIST recommend an inventory and a readiness roadmap. An inventory identifies where cryptography is used and helps reveal application, system and supply-chain dependencies that matter for migration.[9]
  6. Which planning approach fits the agencies’ migration guidance?

    Build a roadmap and coordinate with technology vendors

    The joint guidance calls for a roadmap, an inventory and engagement with vendors. That coordination matters because products and supply chains can depend on vulnerable cryptography; migration is a long-term effort across organizations.[9]
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