On August 24, Treasury announced the launch of the Quantum-Readiness Task Force, a public-private partnership aiming to help accelerate the U.S. financial sector’s transition to quantum-safe technology, following a June Executive Order requiring agencies to consider steps to strengthen cryptographic protections for sensitive data, in light of the advent of large-scale quantum computers. Treasury stated that, while quantum computing has the potential to transform technology, it also poses long-term cybersecurity challenges because future quantum systems could break many of the cryptographic tools that institutions currently rely on to protect financial data, payment systems, digital identities, and market infrastructure. The news release explained that “transitioning to post-quantum cryptography is essential to protecting U.S. economic security and strengthening the resilience of the financial system.” The task force also builds on the G7 Cyber Expert Group roadmap for the transition to post-quantum cryptography (PQC) (previously covered by InfoBytes here).

The task force seeks to bring together representatives from the government, financial institutions, financial market infrastructures, and technology providers to discuss approaches to address quantum cyber risks. The task force will work in three workstreams: (i) sector alignment & PQC transition; (ii) third-party & vendor readiness; and (iii) digital assets and emerging technology risk. According to the release, the task force intends to focus on a practical and risk-based approach to quantum readiness, centering on cryptographic agility, interoperability, operational resilience, and implementation challenges related to dependencies and digital assets.