The Hong Kong Monetary Authority has revealed that the city’s banking sector scored a mere 2.3 out of 10 on its brand new Quantum Preparedness Index. This score signals a stark reality most banks are barely past the awareness stage with tackling quantum computing risks.
According to a recent whitepaper, only about 68% of banks have started to recognize or plan for the quantum threat. Half haven’t even formalized strategies for transitioning to post-quantum cryptography, the defense critical to securing data against future quantum attacks. Board-level discussions have taken place in roughly half of the banks surveyed, yet only a third have begun any tangible testing or pilot projects.
This leaves the industry stuck laying the foundation rather than actively building defenses. The concern is urgent. Quantum computers could one day crack the encryption protecting everything from bank transactions to blockchain networks like Bitcoin and Ethereum. Malicious actors might be collecting encrypted data now, intending to decode it once quantum machines become powerful enough a method known as “harvest now, decrypt later.”
The HKMA aims to push the banking sector to full preparedness by 2030, deploying toolkits, training, and workshops to accelerate progress. This mirrors global efforts as regulators in the US and elsewhere map out schedules to upgrade financial security systems ahead of quantum threats.
This content is for informational purposes only and is not financial advice.
