RBI urges banks fintech companies payment operators to start 'quantum-proofing'
The Reserve Bank of India (RBI) is asking banks, fintech companies, and payment system operators to start making their systems "quantum-proofing."
At the Global Fintech Fest in Mumbai, RBI Deputy Governor Shirish Chandra Murmu explained that quantum computers could eventually crack today's security methods.
He urged everyone to act early so our financial data stays safe as tech evolves.
RBI warns 'harvest now' quantum risk
Murmu pointed out that switching to quantum-resistant systems won't happen overnight, so starting now is key.
He also warned about the "harvest now, decrypt later" risk, meaning hackers could steal encrypted info today and unlock it in the future when quantum tech gets stronger.
To help tackle these challenges, RBI has set up a committee focused on building a safer financial ecosystem.
Murmu also reminded banks they need to stay responsible for how they use artificial intelligence (AI) in finance, not just leave everything up to algorithms.