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GRAFinancial technology and transformation
Innovation · Quantum and cryptographic transition

Quantum and cryptographic transition

Much of the financial system's security rests on public-key cryptography that a sufficiently capable quantum computer could break. The move to quantum-resistant cryptography is therefore a continuity question for payments, records, digital identity and market infrastructure, and it is already urgent for data that must stay confidential for many years. This page sets out how The Global Risks Alliance (GRA) researches that transition as a financial-system risk. It is part of financial technology and transformation.

Institution
The Global Risks Alliance (GRA)
Service level
R0: information and enquiries

Innovation pipeline

GRA · Stage gates

Gate review in 4 dGRA · GRA

By readiness level

TRL 2 to 301
Readiness dossierconcept tested
TRL 4 to 502
Capital adequacy reviewlab validation
Risk register refreshlab validation
TRL 6 to 701
Independent review panelpilot with owner
Adoption review01
Trigger monitoring serviceowner decides

Readiness criteria

pilot vs gate

Evidence of effect42 · req 70Safeguards90 · req 80Operating cost known79 · req 60Owner commitment63 · req 75

Pilot issues

  1. I-1Data licence for pilot siteTo check1 d
  2. I-2Observer protocol signedDone9 d

GRA · Innovation pipelineInnovation pipeline, in outline: domain structure with placeholder names and illustrative values, not a record.

01In brief

The short answer.

The quantum and cryptographic transition is the move from public-key cryptography that a capable quantum computer could break to quantum-resistant algorithms, a continuity question for payments, records, digital identity and market infrastructure. GRA researches readiness questions for institutions and supervisors, urgent already for data that must stay confidential for years.

02Canvas

Draft to published version.

Canvas · draft to published versionDesign, not a record
Quantum and cryptographic transition: migration to post-quantum cryptographyEvery use of cryptography is inventoried; systems are prioritised by data lifetime and exposure to harvest-now-decrypt-later; standardised algorithms are selected; hybrid deployment is tested, cut over and kept crypto-agile. Design of the process, not a record of a run.

Fig.How a finding is reviewed before it is published. Design, not a record.

03Geography

Digital demand and connectivity in West Africa.

Urban demand centres and the hubs that anchor digital and data infrastructure, shown for West Africa as an example geography for this subject.

Urban demand centres and the hubs that anchor digital and data infrastructure.Indicator derived from Natural Earth at map scale; a screening view, not an assessment.
GRA · institution · fieldDESIGN FIGURE
04Why now

The risk begins before the machine exists.

Harvest

Collect now, decrypt later

Encrypted data captured today could be read once quantum capability matures. Records with long confidentiality lives are exposed already.

Scale

Long migrations

Replacing cryptography across payment networks, devices, contracts and archives takes years and depends on many parties moving together.

Dependence

Shared infrastructure

Institutions rely on the same certificate authorities, hardware and protocols, so the weakest link sets the exposure.

05Standards

The migration targets institutions are planning against.

Standard or guidanceStatus
NIST FIPS 203 (ML-KEM), FIPS 204 (ML-DSA), FIPS 205 (SLH-DSA)Published August 2024
Cryptographic inventory and migration planningRecommended by national cyber agencies and financial supervisors; timelines differ by jurisdiction
Payment and messaging standardsNetwork operators set their own migration plans; GRA reports none as fixed unless published
06Method

Inventory first, then dependency.

The first step is a cryptographic inventory: where public-key algorithms protect payments, messaging, identity and archives, and which data must stay confidential for many years. The second is dependency: which third parties and infrastructures must migrate before an institution can. Evidence sits at GCRI post-quantum migration.

07Exposure

Where the financial system relies on cryptography.

FunctionWhat depends on it
Payments and messagingAuthentication of instructions between banks, card networks and payment systems
Market infrastructureSecure links to clearing, settlement and trade repositories
Digital identityCustomer authentication, signatures and onboarding
Records and archivesConfidential data that must stay protected for decades
Digital assetsKeys and signatures that control ownership on distributed ledgers
08What GRA examines

Readiness questions for institutions and supervisors.

  • Does the institution have an inventory of where and how it uses cryptography?
  • Which data and systems need protection the longest, and are they prioritised?
  • Which third parties and shared infrastructures must migrate before the institution can?
  • How is crypto-agility, the ability to change algorithms quickly, built into new systems?
  • What continuity plan applies if a cryptographic weakness is disclosed suddenly?

GRA frames research questions. It does not audit systems, recommend vendors or products, or certify any migration.

09Connections

Science from GCRI, financial reading from GRA.

The underlying technology is described by The Global Centre for Risk and Innovation (GCRI) on quantum computing, sensing and communication and cybersecurity and cryptography, and its in-development Quantum Technologies platform. On this site, see cyber and operational risk and the technology and operational risk platforms. Related lines: AI and automation and digital assets research.

10Key terms

Terms used on this page.

Each term as this page uses it. Where a standard-setting body defines the term, the wording follows that body.

TermDefinition
Post-quantum cryptographyAlgorithms designed to resist attack by quantum computers, standardised by NIST.
Harvest now, decrypt laterCollecting encrypted data today to decrypt it once quantum computers can break the encryption.
Crypto-agilityThe ability to replace cryptographic algorithms in a system without major redesign.
Quantum-safe migrationThe planned replacement of public-key cryptography that a future quantum computer could break with post-quantum algorithms, such as those NIST standardised, across an organization's systems.
11Sources

Where this page's references lead.

The bodies and documents this page is read against. Status and editions change; each link goes to the issuing body.

12Questions

Questions and answers.

When will quantum computers break current cryptography?
No one can state a date with confidence. GRA treats timing as uncertain and focuses on the readiness steps that are sensible under any reasonable timeline.
Does GRA recommend specific algorithms?
No. Standards bodies and each institution's own security function make those choices. GRA's research describes the financial-system dimension of the transition.
Is this only a technology issue?
No. It is also a governance, third-party and continuity issue, because no institution can migrate alone.
How can security professionals contribute?
Register interest at membership@globalriskalliance.com. Working groups open when their terms and review capacity are in place.
The Global Risks Alliance

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