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Hong Kong banks score 2.3 on first quantum preparedness index
The HKMA said 68% of banks surveyed show some awareness, but about half still lack a formal post-quantum cryptography plan.
The Hong Kong Monetary Authority released a whitepaper with its first Quantum Preparedness Index for banks, assigning the sector a score of 2.3 out of 10, indicating most lenders are still at an early awareness stage rather than implementing post-quantum cryptography upgrades.
CoinDesk reports the HKMA surveyed banks earlier this year and found about 68% showed at least some awareness or had moved into planning or pilot stages, while the remainder had not started. Roughly half of banks have not yet formalized a plan for transitioning to post-quantum cryptography.
The whitepaper also found that board level discussions had happened at about half the banks, but only one third had begun exploring or testing anything quantum related, placing many institutions in groundwork rather than practical capability building.
The HKMA linked the low readiness to the long term risk quantum computing poses to the cryptography underpinning modern finance, including so called “harvest now, decrypt later” attacks. CoinDesk reports that blockchain networks such as Bitcoin and Ethereum face similar risks, which the HKMA frames as a concern for financial system resilience.
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