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Industries such as banking, healthcare, power grids, and telecom (critical digital infrastructure) are at risk as quantum computers become more powerful, and the potential for systems compromise in these industries continues to grow with every passing day.
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To address these pertinent questions, the Minister of Electronics & Information Technology proposed the Digital Personal Data Protection Bill, 2023 in Parliament. It received the Presidential nod on 11th August. India has now joined the ranks of developed countries to protect citizens' data and citizens' right to privacy.
Ensure compliance with SEBI’s Cybersecurity and Cyber Resilience Framework (CSCRF) while preparing for the quantum-powered future.
As India’s financial ecosystem continues to digitize, the importance of robust cybersecurity cannot be overstated. SEBI’s Cybersecurity and Cyber Resilience Framework (CSCRF) was introduced to address the evolving threat landscape, ensuring that regulated entities remain secure and resilient. However, the emergence of quantum computing is reshaping the cybersecurity narrative.
For entities under SEBI regulation, this looming shift means facing the urgent task of future-proofing data security. The current encryption techniques that form the backbone of financial security systems may become vulnerable to quantum attacks, potentially exposing critical information.
The objective of the mission is to seed, nurture and scale up scientific and industrial R&D and create a vibrant and innovative ecosystem in Quantum Technology (QT). It will accelerate QT-led economic growth, nurture the ecosystem in the country, and make India one of the leading nations in the development of Quantum Technologies & Applications (QTA).
In 2023, financial institutions worldwide faced an alarming rise in ransomware and cyberattacks, with India experiencing a 29% increase in financial sector breaches according to CERT-In. Adding to this challenge is the looming threat of Harvest Now, Decrypt Later (HNDL), a strategy where hackers capture encrypted data today, intending to decrypt it using powerful quantum computers in the near future.
On December 21, 2022, President Biden signed the Quantum Computing Cybersecurity Preparedness Act, which encourages federal government agencies to adopt technology that protects against quantum computing attacks.
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