Q-Day Could Arrive Before Quantum Computers Are Commercially Useful, EU Warns
EU financial supervisors warned that advanced quantum computing could break some cryptography protecting communications, transactions, databases, and blockchains, possibly before quantum computers become commercially useful. They highlighted the “harvest now, decrypt later” risk: data stolen today may be decrypted years later if it remains valuable. The assessment said financial firms should already be preparing under existing resilience rules, including adopting state-of-the-art and post-quantum cryptography. EU member states were urged to move toward a post-quantum migration strategy by the end of 2026. The report also noted potential upside, saying quantum computing could improve financial optimization, fraud detection, compliance, pricing, and simulation. Blockchain exposure was singled out as immediate, with some public keys already visible on-chain and potentially vulnerable once quantum attacks become feasible. Authorities were told to keep planning for quantum and AI-driven risks while strengthening cybersecurity and operational resilience.
