The Financial Services Information Sharing and Analysis Center (FS-ISAC) whitepaper, Building Cryptographic Agility in the Financial Sector, aims to guide financial institutions in developing cryptographic agility as a defence against the imminent threats posed by quantum computing.
Key Highlights
The urgency of crypto agility: Financial services must adopt crypto agility immediately, as quantum computing is expected to render widely used cryptographic algorithms insecure within the next few years. This shift could jeopardize data transmission and storage, fundamentally disrupting business operations.
Framework for implementation: A comprehensive framework for implementing crypto agility, addressing the challenges organizations may face and providing governance and architectural insights for a successful transition.
Long-term strategy: The guidance stresses that crypto agility should be viewed as a long-term strategy rather than a one-time fix. This approach is essential for maintaining security and compliance in a rapidly evolving technological landscape.
Michael Silverman, chief strategy & innovation officer at FS-ISAC, says the financial services industry must take a leadership position in cryptographic agility, ensuring the sanctity and safety of data and storage as threats continue to evolve. "The goal of crypto agility is simple: to enable business continuity when existing cryptography is compromised or weakened,” he continues.
Peter Bordow, chair of the FS-ISAC PQC Workgroup, adds that cryptographic agility is a critical success factor in the long-term journey to protect the world’s data from quantum and other emerging threats."
The FS-ISAC's whitepaper serves as a crucial resource for financial institutions, urging them to proactively prepare for the quantum computing era. By fostering a culture of crypto agility, organizations can enhance their resilience against evolving cyber threats and maintain the trust that underpins the financial services sector.