Following the news that the US National Institute of Standards and Technology (NIST) has identified four algorithms that will form part of the post-quantum cryptographic standard;

Robert Penman, Associate Analyst at GlobalData, a leading data and analytics company, offers his view:

“It’s early days in the development of meaningful applications for quantum computing, but the threat to existing encryption methods is well known. That is why NIST began this task in 2016 and hopes to accelerate developments over the next two years.

“Quantum computers have the potential to break public-key cryptography, which secures vast swathes of the internet and stored public data. NIST fears that the threat to once secure algorithms is getting ever closer.

“Governments worry about the capabilities of state-backed hackers, and the defense industry fears China’s growing technological prowess. That’s why the mammoth task of identifying and replacing soon-to-be-obsolete algorithms is already underway.”

Mike Orme, Consultant Analyst at GlobalData, offers his view:

“Although it’s unlikely we will see a suitably powerful quantum computer that can breach the most secure cryptographic algorithms this side of 2040, the risk to the world’s most important stored data is real.

“That is why NIST is trying to orchestrate the development of standardized post-quantum cryptography by 2024. Forewarned is forearmed.

“Governments, public bodies, and companies must be able to protect their existing stored data, including very sensitive government security material, from up to 70 years ago. This process could take 20 years, by which time the quantum threat could be all too real.”

David Bicknell, Principal Analyst at GlobalData, offers his view:

“There is no easy solution to the quantum challenge. That’s why NIST has kept its options open and made an initial choice of four algorithms covering general encryption and digital signatures. These will secure websites and verify identities during digital transactions. Significantly, NIST is covering all bases by choosing a slower and larger solution as a backup, simply because it is based on a different mathematical approach. NIST must look to the future and be flexible in its choice of algorithms in the face of future threats.”

Hear Robert talk about this topic in GlobalData’s latest Instant Insights episode, which is available on Youtube or Spotify.