02258cas a2200277 a 4500 AALejournalIMF021580 230101c9999 xx r poo 0 0eng d 5.00 USD 9781513572727 1018-5941 BD-DhAAL BD-DhAAL Quantum Computing and the Financial System : Spooky Action at a Distance?. Washington, D.C. : International Monetary Fund, 2021. 1 online resource (33 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students The era of quantum computing is about to begin, with profound implications for the global economy and the financial system. Rapid development of quantum computing brings both benefits and risks. Quantum computers can revolutionize industries and fields that require significant computing power, including modeling financial markets, designing new effective medicines and vaccines, and empowering artificial intelligence, as well as creating a new and secure way of communication (quantum Internet). But they would also crack many of the current encryption algorithms and threaten financial stability by compromising the security of mobile banking, e-commerce, fintech, digital currencies, and Internet information exchange. While the work on quantum-safe encryption is still in progress, financial institutions should take steps now to prepare for the cryptographic transition, by assessing future and retroactive risks from quantum computers, taking an inventory of their cryptographic algorithms (especially public keys), and building cryptographic agility to improve the overall cybersecurity resilience. Mode of access: Internet Cybersecurity imf Fintech imf Quantum Computing imf Quantum-Safe Encryption imf IMF Working Papers; Working Paper ; No. 2021/071 Full text available on IMF http://elibrary.imf.org/view/journals/001/2021/071/001.2021.issue-071-en.xml IMF e-Library