Hong Kong banks in early stages of preparing for quantum computing threats, HKMA says

Banking sector scores 2.3 out of 10 on new readiness index as regulator targets full preparedness by 2030 Hong Kong’s banking sector is still in the early stages of preparing for cybersecurity risks posed by quantum computing, the city’s de facto central bank said on Monday as it unveiled a new benchmark to track the industry’s readiness. The index, based on a survey conducted earlier this year, assessed banks according to four categories: awareness, planning, pilot projects and operational readiness. The HKMA said it aimed for the sector to achieve full readiness, or a score of 10, by 2030. Quantum computers are expected to eventually be powerful enough to break many of today’s widely used encryption standards, prompting regulators and financial institutions worldwide to prepare for a shift to post-quantum cryptography (PQC) – encryption designed to resist quantum attacks. The survey found that 68 per cent of banks had begun preparations by raising awareness, developing plans or launching pilot projects, while 32 per cent had yet to take any steps. About half of the banks surveyed also said they had no formal road map for adopting PQC. Even so, momentum is building.

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