The director of IBM Research at Zurich, Dr Alessandro Curioni, recently spoke to Yahoo Finance Future Focus, stating that quantum computers could soon potentially breach and leak encrypted systems that protect confidential stock market and personal finance data.
Quantum Computers To Create $850bn Of Global Economic Value By 2040
Dr Curioni suggested that this data breach could be upon us within a decade, considering the speed at which quantum computers are gaining power. He stated that quantum computers create calculations by leveraging subatomic particles that allow them to process tasks at devastatingly fast speeds.
Q-Day, an event widely known throughout the quantum industry, will arrive when quantum computers can breach cryptographic keys – keys used to code and protect secure data only accessible to authorised users.
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Dr Curioni’s statement comes at a pivotal time when tech investments have fallen by 50%. Boston Consulting Group (BCG) updated its analysis this month, suggesting that quantum computers will generate up to “$850bn in global economic value alongside a sustained $170bn for hardware and software providers by 2040”.
Dr Curioni went on to state that all nations have the potential to crack cryptographic keys, but two nations in particular are leading the pack: the US and China.
Although investment in quantum computing will, of course, mean that more research, expertise and security are placed at the forefront of the science’s focus, many government officials, including the Monetary Authority of Singapore (MAS), have warned against the use of such powerful machines. Dr Curioni shares this caution, suggesting that once healthcare and financial data are leaked, even digital signatures can be forged.
