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In an era of rapid digital transformation, India’s financial sector is the backbone of the economy, which leverages technology to facilitate banking, securities trading, investment services, and more. However, with this increased digitization comes heightened exposure to cyber risks. To address the growing cyber threats,
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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.
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.
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Data sent over public communication channels are secured using cryptography. It protects all kinds of electronic communications as well as passwords, digital signatures, and health records. The advent of quantum computers has put cybersecurity under a state of alarm. Large-scale quantum computers have the power to break public key encryption.
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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.
The landscape of digital security is constantly evolving and threats loom large. But, the emergence of quantum security provides hope. Quantum security represents a paradigm shift in the way we safeguard our digital infrastructure against increasingly sophisticated attacks.
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Ensure compliance with SEBI’s Cybersecurity and Cyber Resilience Framework (CSCRF) while preparing for the quantum-powered future.
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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.