Far-future technological innovations are getting closer to reality every day.
And with news announced on Tuesday (May 21) that Zoom will make post-quantum end-to-end encryption (E2EE) available globally across its Zoom Workplace platform, and specifically for Zoom meetings using Zoom Phone and Zoom Rooms, preparing for the coming operational and cybersecurity realities of the quantum internet has become a top priority for future-forward organizations.
That's because, once fully realized, quantum computers could break widely used encryption algorithms such as RSA and ECC (Elliptic Curve Cryptography), which underpin the security of online transactions and communications. Addressing this looming threat requires the development and adoption of quantum cryptography technology.
“With the introduction of post-quantum E2EE, we are strengthening security and providing cutting-edge capabilities to help protect our users' data. At Zoom, our goal is to continually adapt as the security threat landscape evolves to protect our users,” Michael Adams, Zoom's chief information security officer, said in a statement.
While super-powerful quantum computers capable of cracking both yesterday's and today's encryption are still just around the corner (that is, forever a decade away), a study published in the journal Nature on May 15 claims that researchers are close to building something called a quantum repeater, a key device for building a quantum internet.
These advances mean that preparing for the quantum era, as Zoom is doing, may not be such a far-fetched endeavor, especially for companies operating in security-sensitive industries such as payments and financial services, where vulnerabilities could have major implications.
After all, recent benchmark experiments suggest that applications that use quantum mechanics could become commercially viable within the next two years.
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A quantum leap in security and efficiency
The advent of the quantum era has the potential to bring dramatic change to the payments industry, bringing unprecedented levels of security and efficiency. But this technological leap also highlights the urgency of strong, post-quantum end-to-end encryption to protect sensitive information from bad actors who are already preparing to exploit this revolutionary computing power.
Michael Jabara, Visa's global head of fraud services, told PYMNTS last March that bad actors are starting to steal and hold onto encrypted data in preparation for when quantum computing tools come to market that will allow them to decrypt the information.
This type of threat is known as Harvest Now, Decrypt Later (HNDL).
Already, Apple announced in February that it would be upgrading its encryption system to protect against potential quantum computing attacks as part of efforts to improve the security of its iMessage app, while encrypted messaging app Signal strengthened its own encryption in September by adding support for the quantum-safe PQXDH protocol.
Post-quantum E2EE is designed to withstand the computational power of quantum computers. Researchers are investigating various encryption approaches, such as lattice-based encryption, hash-based encryption, and multivariate polynomial encryption, to create secure communication protocols that are immune to quantum attacks.
Implementing these new encryption standards could be crucial to ensuring the integrity and confidentiality of financial transactions in a quantum-powered future.
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How quantum technology can benefit payments and commerce
The potential benefits that a quantum internet could bring to payments and commerce are enormous.
Enhanced security will reduce the incidence of fraud and cyber-attacks, increase consumer confidence, and enable the development of new financial products and services. Additionally, the increased computational power of quantum systems has the potential to spur innovation in areas such as algorithmic trading, risk management, and personalized financial planning.
“The physical world is defined by quantum mechanics,” Chris Hume, senior director of business operations at AI quantum computing company SandboxAQ, told PYMNTS in February. “The more effectively we can understand those interactions and model those interactions, the more efficiently and effectively we can build predictive models.”
This almost unimaginable level of predictive power can streamline complex financial processes, from real-time fraud detection to instant cross-border payments.
In the commercial sector, the quantum internet could facilitate the creation of unhackable communication networks. Quantum Key Distribution (QKD), an encryption protocol that uses quantum mechanics, ensures that any attempt to eavesdrop on transmitted data will destroy the quantum state and alert those involved. This method would make traditional hacking techniques obsolete, protecting payment systems and customer data from cyber threats.
Still, the transition to a quantum-secure infrastructure will face many challenges. The current global financial system relies heavily on established cryptography methods, and transitioning to a quantum-secure solution will require significant investments in the technology and manpower needed to modernize core infrastructure.
But preparing for a quantum future today can help businesses remain secure and competitive in a rapidly evolving digital economy.
