Current encryption systems may no longer be enough to protect businesses from future quantum-powered cyberattacks, which could become a reality as early as 2029 or 2030, also known as Q-Day, cybersecurity experts warned.
Q-Day refers to the point when a sufficiently powerful quantum computer becomes capable of breaking widely used encryption standards, including Rivest-Shamir-Adleman (RSA) and Elliptic Curve Cryptography (ECC). These standards protect websites, emails and other internet-based systems.
“Q-Day refers to something called Quantum Day, which is when a cryptographically relevant quantum computer comes online and is able to break the current encryption,” Ramesh Nagarajan, head of Quantum Education at Eigensystems, told BusinessWorld during the “Y2Q Horizon: Preparing Leaders for Post-Quantum Cryptography” forum convened by the Asian Institute of Management (AIM).
Mr. Nagarajan said businesses should start preparing by identifying their cryptographic assets and determining which systems need the most protection.
Payment systems and sensitive information should be among their priorities, he said. Companies should also begin adopting quantum-safe algorithms to protect their existing systems against future quantum attacks.
“We have to start yesterday. We cannot wait any longer,” he said.
He warned that migrating to quantum-safe systems could take time. Delaying preparations could make the transition more difficult as quantum computing advances.
Meanwhile, Francisco Ashley L. Acedillo, AIM clinical professor and academic program director of the Executive Master in Cybersecurity Management, said companies should consider cybersecurity from the beginning of their digital transformation initiatives.
“Cybersecurity is not a one-size-fits-all approach. You need to consider what your most important assets are, whether these are your digital assets, your information, or your intellectual property,” Mr. Acedillo told reporters during the forum.
He said businesses should prioritize assets based on the potential impact of losing or compromising them. This is especially important given their limited resources and the shortage of qualified cybersecurity professionals.
Mr. Acedillo also said Philippine businesses and the government are not yet prepared for Y2Q, which refers to the transition toward a quantum-safe digital environment.
He called for cooperation between the public and private sectors to address the threat. The government should provide leadership and regulatory support, while businesses should help secure the digital services and critical infrastructure they operate. — Edg Adrian A. Eva