Project Leap: quantum-proofing the financial system

Project Leap is a collaboration between the BIS Innovation Hub Eurosystem Centre, the Bank of France and the Deutsche Bundesbank.

Quantum computers, should they reach sufficient size and power, may be able to break the cryptographic encryption schemes used to ensure secure financial transactions and data. While today's quantum computers have yet to reach the necessary scale, most experts believe this is only a matter of time. This makes the quantum threat one of the most important cybersecurity issues facing the financial system today, potentially exposing all financial transactions and much of our existing stored financial data to attack. 

To prepare central banks and the global financial system for a transition towards quantum-resistant encryption, Project Leap addresses the specific challenges involved in updating and replacing the cryptographic security algorithms that the financial system is critically reliant on and that future quantum computers may be able to break. 

The Leap report, published today, presents a comprehensive overview of the experiments conducted to date as well as the initial technical findings that will guide the global transition towards new cryptographic protocols.