G7 and Taiwan’s FSC Advance Financial-Sector PQC Transition Roadmap
Rapid advances in quantum computing threaten to break conventional encryption algorithms, posing a major cybersecurity risk to the global financial system. To guard against “harvest now, decrypt later” attacks, the Group of Seven and Taiwan’s Financial Supervisory Commission are actively helping the industry upgrade its defenses. The transition to post-quantum cryptography, or PQC, is critical not only to institutional cybersecurity but also to national financial security.
The G7 Cyber Expert Group and Taiwan’s FSC recently reached a consensus, formally recommending that financial institutions aim to complete the migration of high-risk systems to PQC by 2035. Firms will need to pursue a six-stage transition covering risk assessment and implementation, while building cryptographic agility to address future threats.
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The history behind this eventTaiwan FSC Issues Post-Quantum Cryptography Guidelines to Prepare for Financial Risks
As quantum computing capabilities continue to advance, the asymmetric encryption used in financial transactions could eventually be broken, exposing customer identities, transaction data and information retained for long periods. Taiwan’s Financial Supervisory Commission is therefore promoting migration to post-quantum cryptography to help financial institutions adjust their cybersecurity governance and encryption architecture in advance.
The FSC has issued its Reference Guidelines for Post-Quantum Cryptography Migration in the Financial Sector, setting out seven major strategies, including governance mechanisms and an inventory of cryptographic technologies. The guidelines also call for a cryptographic bill of materials, or CBOM, and cryptographic agility. They treat the possible emergence of quantum computers in 2029 as a risk milestone, encouraging the financial industry to begin planning its migration early.
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