US Treasury Launches Quantum-Readiness Task Force

The US Treasury department has launched a 'Quantum-Readiness Task Force' to help prepare for the financial sector’s transition to quantum-safe technology.

The Task Force will bring together government, financial institutions, financial market infrastructures, technology providers, and other private-sector bodies to support coordinated preparation for quantum-related cyber risks.

It will focus on practical, risk-based approaches to quantum readiness, including identifying critical dependencies, improving cryptographic agility, promoting interoperability, strengthening operational resilience, and addressing implementation challenges related to third-party dependencies and digital assets.

“Quantum computing holds significant promise, but it also presents a serious long-term challenge to the cryptographic tools that underpin the US financial system,” says treasury assistant secretary for financial institutions Luke Pettit. “The Financial Sector Quantum Readiness Task Force will help ensure that the transition to quantum-safe technology is coordinated, risk-based, and operationally resilient. By bringing together government and industry to lead the transition to quantum-safe finance, the US will strengthen trust in its financial system and reinforce its economic and national security.”

A recent study by Citi estimated that a single-day quantum attack on one of the five largest US financial institutions, aimed at their access to the Fedwire Funds Service payment system, could trigger a cascading failure costing the economy up to $3.3 trillion in indirect impacts alone.

The bank estimates that the probability of widespread breaking of quantum computer-led public-key encryption by 2034 is between 19% and 34%, with that likelihood rising to 60% to 82% by 2044.

Citi says that an attack on one of the biggest American banks could cost the US economy between $2.0-3.3 trillion in indirect impacts alone, as measured by GDP-at-risk. This translates to a decline in annual real GDP in the range of 10% to 17%, beginning with the initial attack scenario and lasting through the resulting six-month recession.

Quantum attacks could also spell disaster for the crypto sector, (and Donald Trump's financial interests): with about 25% of bitcoins - worth roughly $500-600 billion today - potentially 'quantum-exposed'.

The task force aims to mitigate these risks by fostering collaboration across sectors to ensure the financial system remains secure and resilient in the face of emerging quantum threats.