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Hong Kong banks score 2.3 on quantum readiness benchmark
Hong Kong’s Monetary Authority set a goal for full quantum preparedness by 2030, with 32% of banks still taking no steps and about half lacking a formal post-quantum cryptography roadmap.
Hong Kong’s banking sector is still in the early stages of preparing for cybersecurity risks from quantum computing, the city’s de facto central bank said, as it unveiled a new readiness benchmark.
The Hong Kong Monetary Authority launched its first Quantum Preparedness Index, which scored the sector 2.3 out of 10. The index is based on a survey earlier this year across four categories, awareness, planning, pilot projects and operational readiness. The HKMA said it aimed for full readiness, a score of 10, by 2030.
The HKMA said quantum computers are expected to eventually be powerful enough to break many currently used encryption standards, prompting regulators and financial institutions to plan for a move to post-quantum cryptography designed to resist quantum attacks.
According to the survey, 68% of banks had started preparations through awareness efforts, plans or pilot projects, while 32% had yet to take any steps. About half of the banks also reported having no formal roadmap for adopting post-quantum cryptography, and around half said quantum computing had been discussed at board level, while roughly one third had begun exploring or testing quantum related applications.