The quantum computing revolution is upon us. This is a paradigm shift in computing power that leverages the laws of quantum mechanics to solve problems that are too complex for today's classical digital computers.
Quantum computers apply the unique behavior of quantum physics to computing, introducing unprecedented capabilities to traditional programming methods. From transforming pharmaceutical research, energy use, manufacturing, cybersecurity, and communications to powering AI applications, self-driving car navigation, financial modeling, and more, quantum is poised to unlock new realities.
The emerging quantum computing industry has already made great strides, with the global market expected to reach US$50 billion by the end of this decade as more organizations discover its potential.1 Big technology companies are rapidly developing quantum capabilities. For example, Amazon, IBM, Google, and Microsoft have already launched commercial quantum computing cloud services, and significant investments are being made in new players such as Quantinuum and PsiQuantum.
A survey of 250 large companies by Canada's KPMG found that about 60% of organizations in Canada and 78% in the United States expect quantum computers to become mainstream by 2030.2 But as quantum becomes more widespread, so too are concerns about its potential impact on cybersecurity.
Most companies surveyed said they were “very concerned” about the potential for quantum computing to break data encryption. 60% of Canadians and 73% of Americans believe it is “only a matter of time” before cybercriminals use quantum power to decipher and disrupt current cybersecurity protocols. But at the same time, 62 percent of Canadians and 81 percent of Americans agree that they need to better evaluate their current capabilities to keep their data safe. 3
According to research from KPMG Australia, executives and board members of private sector companies view protecting data and addressing cyber risks as their top challenge in 2024 and the next three to five years.Four
In a survey conducted by Germany's KPMG in collaboration with the German Federal Office for Information Security (BSI), 95% of respondents said that the relevance and potential impact of quantum computing on today's cryptographic security systems is “very high.” 65% also reported an average risk. My own data security is “very high or high.” However, only 25 percent of companies say their risk management strategies currently address this threat.Five
