G7 Warns of Quantum Threats, Urges Crypto Industry to Prepare
The G7 Cybersecurity Working Group has issued a warning about the threat of quantum-driven cyberattacks, urging governments and businesses to prepare for the potential risks. According to the group's report, quantum computers capable of breaking widely used public-key cryptography are expected to be developed in the near future. This poses a significant threat to digital infrastructure, as data stolen today could be decoded by powerful quantum computers in the future.
The G7 recommends that organizations adopt post-quantum cryptography (PQC) to defend against both classical and quantum attacks. Without PQC, digital signatures could be broken, enabling identity impersonation and exposing companies and their supply chains to risk. The report emphasizes the need for collective transformation through early engagement, coordinated planning, and information-driven decisions between public and private sectors.
Cryptocurrency developers are already considering post-quantum proposals, including BIP-360, which aims to prepare the network to support new signature schemes. Bitcoin's governance makes transformation more complex, requiring broad support from developers, miners, businesses, and users. Ethereum researchers are planning to replace multiple cryptographic components used by accounts, validators, and applications.