EU Warns Quantum Computers Could Break Modern Encryption in 2029
The European Union has issued a warning about the potential for quantum computers to break modern encryption before they become commercially viable. This cybersecurity threat is known as 'Q-Day,' and it's causing concern among researchers who fear that adversaries can harvest encrypted data today and wait until quantum hardware matures enough to decrypt it.
According to the EU, recent technical advancements have pushed some estimates for viable quantum attacks forward to as early as 2029. This creates a window of vulnerability that both regulators and market participants will need to navigate.
The EU's NIS Cooperation Group has published a roadmap requiring all 27 member states to begin planning their transition to post-quantum cryptography by December 31, 2026. The roadmap lays out a three-phase timeline, with the first phase focusing on initial planning and risk assessments, followed by high-risk infrastructure migration to post-quantum cryptography by 2030, and broader systems conversion by 2035.
The 'store now, decrypt later' problem refers to the concept of adversaries harvesting encrypted data today that can be decrypted in the future. This threat applies not only to financial records but also to blockchain networks, which rely on elliptic curve cryptography for securing wallets and validating transactions.