Prepare for the Advent of Quantum Computing
In the rapidly evolving world of technology, the UK financial sector is facing a critical inflection point, as highlighted by Haris Pylarinos, Founder and CEO of Hack The Box. The sector's lack of quantum preparedness has emerged as a significant concern, emphasising the need for immediate action.
To address this issue, Hack The Box has launched the Quantum Security Challenges, a hands-on environment designed for professionals to explore quantum threats in practice. The initiative aims to contribute to improving industry awareness and building skills in quantum security, which are essential steps towards full preparedness for financial services companies.
The Quantum Security Challenges cover topics such as Shor's Algorithm, quantum-enhanced attacks, and quantum-secured communication. However, it seems that these challenges are not directly associated with the lack of job roles requiring quantum technology or post-quantum cryptography skills in the FTSE 350 financial services companies, nor do they appear to be related to the UK's National Cyber Security Centre (NCSC) guidance.
The UK government, recognising the importance of quantum technology in safeguarding financial transactions, has announced a £121 million investment in quantum technology targeting financial crime prevention, including fraud and money laundering. Regulatory sandbox environments are also being encouraged to allow experimentation with quantum technologies under regulatory oversight, fostering innovation with manageable compliance risks.
Financial firms must ensure that quantum is registering as a security threat and that internal capabilities and skills are in place to ensure a smooth transition to quantum-secure systems. This requires strategic conversations about quantum risk, the appointment of executive leaders responsible for driving quantum-readiness programs, and the integration of quantum risk into institutional risk frameworks.
The Bank for International Settlements (BIS) released a "Quantum-readiness roadmap" in July 2025, stressing that quantum computing poses an imminent threat to today's encryption, particularly for long-term sensitive data protection in financial transactions. The roadmap urges the financial sector to start planning within the next one to two years and aims for critical systems to be quantum-safe by the early 2030s.
In conclusion, the current state of quantum preparedness in UK financial services reflects an urgent call to action, coordinated efforts by regulators and firms, and emerging best practices emphasising awareness, planning, and technical adaptation. As the sector moves towards quantum-safe systems, initiatives like the Quantum Security Challenges play a crucial role in closing the gap between policy and practice, starting with visibility.
Cybersecurity events focusing on quantum risks and post-quantum cryptography can help mitigate the current lack of skills in UK financial services companies, as highlighted by the Quantum Security Challenges launched by Hack The Box. Financial firms should also focus on integrating cyber risk management related to quantum technology into their institutional risk frameworks, following the advice given in the BIS's "Quantum-readiness roadmap."
