Banking giant HSBC has announced that it will join BT and Toshiba’s groundbreaking Quantum Secure Metro Network (QSMN).
HSBC will be the first bank to connect to a UK-based network to future-proof its global operations against quantum-powered cyber threats. Going forward, we plan to test multiple scenarios over the network, including financial transactions, secure video communications, and one-time pad encryption. This will connect two locations in the UK: a global headquarters in Canary Wharf and a data center in Berkshire, 62km away.
Additionally, we will use the AWS Snowball Edge device to test AWS edge computing capabilities.
The world’s first QSMN will be launched in London in April 2022 by BT and Toshiba with their first commercial customer EY. This effort aims to enable organizations to use quantum key distribution (QKD) to securely transmit valuable data and information between multiple physical locations over standard fiber optic links. increase. QKD technology distributes private keys that can encrypt and decrypt sensitive data between sites, protecting against quantum computer cyberattacks.
Commenting on the new announcement, Colin Bell, CEO of HSBC Bank Plc and HSBC Europe, said, “Our customers, business partners and employees rely on us for safe and secure operations and resilient cybersecurity. We need to stay ahead of the curve because of the expectations.”
“Therefore, we are already preparing our global operations for the quantum future. We are investing in strategic partnerships to see how we can deploy these technologies as they develop.
“Today’s milestone proves the importance of collaboration and demonstrates the significant innovation and progress industry leaders can achieve when they work together.”
Preparing for quantum-based cyberattacks
Experts predict that advances in quantum technology will make it possible to break existing encryption algorithms within the next five to 10 years, jeopardizing all data held on the internet. increase.
Efforts continue towards the development and deployment of quantum secure cryptography in advance of the so-called “Q-Day” event. In the United States, the National Institute of Standards and Technology (NIST) is working on a post-quantum cryptography (PQC) standard.
In December 2022, US President Joe Biden signed the Quantum Computing Cybersecurity Readiness Act into law. The law establishes a number of obligations for federal agencies to prepare for the transition to quantum secure cryptography.
HSBC’s QSMN trial is expected to provide key insights into the potential threats posed by quantum computers and how quantum technology can be used to enhance financial cybersecurity.
The bank’s quantum strategy also includes testing post-quantum cryptography (PQC) and exploring applications of quantum computing across optimization, simulation and machine learning.
“Quantum networking is a core pillar of AWS’s quantum strategy to explore quantum technologies and bring new solutions to customers,” said Bill Vass, VP of Engineering at AWS, who is participating in the trial. This proof of concept is an exciting endeavor.” This is an important step towards understanding the commercial feasibility and scalability required to move quantum networking out of the lab and into the real world. ”
