MAS and industry partners publish technical report on proof-of-concept Sandbox for quantum-safe communications within the financial sector

0
277

The Monetary Authority of Singapore (MAS), in collaboration with DBS, HSBC, OCBC, UOB, SPTel and SpeQtral, has successfully completed a proof-of-concept (PoC) sandbox to evaluate the use of Quantum Key Distribution (QKD) for secure communications in the financial sector.

This follows the signing of a Memorandum of Understanding (MoU) between the parties in August 2024 to explore the technical viability, effectiveness and applicability of quantum-safe technologies in financial services, as well as the Post-Quantum Cryptography (PQC ) experiment with Banque de France last year, MAS said in a statement on Monday.

The QKD sandbox enabled MAS and the participating banks (DBS, HSBC, OCBC, and UOB) to collaborate and deepen their understanding of quantum security technologies, such as QKD.

The sandbox also provided insights into the benefits and limitations of QKD solutions, that will guide MAS and the participating banks in making informed decisions on quantum-safe strategies and bolster the sector’s cyber resilience against quantum threats.

Through the sandbox, MAS and the participating banks were able to deploy a QKD solution jointly provided by SPTel and SpeQtral to validate that QKD can be used to securely transfer sensitive data.

A technical report detailing the results and takeaways from the sandbox was published today.

Key findings highlighted in the report include QKD has the potential to strengthen the security of communication networks. Financial institutions (FIs) can use QKD to secure connections, including between data centers and FI premises.

Besides, there is need for QKD providers and the telecommunications sector to continue strengthening QKD security assurance.

This includes establishing comprehensive standards for tamper-resistant, auditable trusted nodes[3] with multi-layer security measures.

More work is needs to be undertaken to achieve greater interoperability between different QKD providers.

For QKD to be widely adopted in the financial sector, it needs to be able to readily interoperate across different QKD providers and seamlessly integrate into FIs’ diverse IT environments.

Beyond the valuable technical takeaways, the sandbox also highlighted the need for strong senior management support to build in-house competency and allocate sufficient budget and resources to work on quantum-safe initiatives.

“MAS is committed to collaborating with the financial industry to trial promising cybersecurity technologies that can help to safeguard critical financial systems and data against emerging quantum threats,

“The QKD sandbox marks a significant step in exploring the potential use of quantum-safe solutions within IT systems and networks within the financial sector,” said Vincent Loy, Assistant Managing Director (Technology) and Chief Technology Officer, MAS.

“The insights gained have enhanced our understanding of QKD technology, helped explore possible ways to strengthen the cyber resilience of Singapore’s financial sector, and uplifted the capabilities of financial institutions to respond to potential cybersecurity threats posed by quantum computing,” he added.

 

 

#QuantumKeyDistribution #QuantumSecurity #QKD #PostQuantum #FinancialCybersecurity

Sponsorizzato
Cerca
Sponsorizzato
Categorie
Leggi tutto
Networking
Amazon unveils new Singapore office as AWS Asia Pacific Hub
American multinational technology company Amazon has continued to expand its presence in...
By Ifvex 2025-02-12 20:25:05 0 11K
Food
Chunky Broccoli Cheddar Soup
This Broccoli Cheddar soup is easy to make and delicious to eat. It also freezes really well for...
By Recipes 2025-02-06 04:57:22 0 10K
Networking
MIMOS partners Masverse to develop blockchain infrastructure for Malaysia
Malaysia’s national applied research and development (R&D) center for technology...
By Ifvex 2025-01-28 00:04:07 0 11K
Causes
Malaysia pushes talent development to boost chip sector
Employers have pointed out gap between academic training and industry needs in Malaysia....
By Ifvex 2025-01-10 15:43:46 0 12K
Networking
GoTo and Alibaba Cloud complete cloud migration for GoTo Financial
GoTo Group, the largest digital ecosystem in Indonesia, and Alibaba Cloud, the digital technology...
By Ifvex 2025-06-09 04:46:55 0 5K
Ifvex https://smartcontent.me