THE FUTURE OF FINANCIAL DATA SECURITY: CHALLENGES AND OPPORTUNITIES OF QUANTUM COMPUTING
DOI:
https://doi.org/10.62737/mxc1t305Keywords:
Quantum computing, financial data security, cryptography, risk assessment, regulatory frameworksAbstract
Quantum computing is set to transform various industries. Among them, the financial sector is especially vulnerable due to its reliance on encryption for securing transactions, customer data and proprietary financial models. Quantum computing threatens financial institutions by breaking current cryptographic methods, making them more vulnerable than other industries. This paper examines the potential impact of quantum computing on financial data security and focuses on the challenges and opportunities it presents. Quantum computers can solve complex mathematical problems more efficiently than classical computers. They pose a significant threat to current cryptographic systems that safeguard financial data. To mitigate this risk, financial institutions must adopt quantum-resistant encryption to maintain data integrity and privacy. On the other hand, quantum computing offers opportunities for enhancing financial security through advanced algorithms and improved risk assessment models. The paper also explores ethical and regulatory considerations, emphasizing the need for proactive measures to align technological advancements with societal values and legal frameworks. Addressing these challenges while leveraging opportunities will enable the financial industry to navigate the quantum era securely.
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