The world is approaching a technological shift with quantum computing, a development experts call a ticking time bomb for cybersecurity. Unlike Y2K, which had a clear deadline, quantum computing has no fixed timeline. Last week, Securities Exchange Board of India (Sebi) chairman Tuhin Kanta Pandey warned that quantum computing could trigger disruption similar to the Y2K crisis, creating urgency in regulatory and financial circles.
Quantum computers operate on qubits, which can exist in multiple states simultaneously. This allows them to solve complex problems in seconds that would take traditional computers billions of years. These machines could potentially bypass current encryption methods that protect sensitive information, including bank transactions, government communications, and digital identities.
The threat is not only future-facing. Cybercriminals are already collecting encrypted data today to decrypt it later when quantum computing advances. This approach, called “harvest now, decrypt later,” could compromise years of sensitive data, including financial records and digital identity information.
Financial systems are particularly vulnerable. Online banking, stock markets, and payment networks rely heavily on encryption. A breach by quantum computing could allow hackers to manipulate transactions, steal funds, forge identities, and even disrupt market stability. SEBI has described this scenario as a potential “quantum apocalypse” for the financial ecosystem.
To counter this risk, post-quantum cryptography (PQC) is being developed. PQC involves encryption methods designed to resist attacks from quantum computers. Globally, the US National Institute of Standards and Technology (NIST) has finalised PQC algorithms, and major cloud providers are integrating these standards. In India, Sebi aims to make its systems quantum-safe by 2028-29. The government has also allocated Rs 6,003.65 crore under the National Quantum Mission (NQM) to advance quantum computing research and infrastructure. |
