HK Banks Lag in Quantum Security as Industry Struggles to Prepare

Hong Kong's banking industry is struggling to prepare for quantum-related cyber risks. In a recent survey, Hong Kong banks scored only 2.3 out of 10 on the Quantum Preparedness Index (QPI), indicating that they are at an early stage of preparing for these risks.

The HKMA conducted a benchmarking exercise and published its first whitepaper on quantum preparedness alongside the QPI results. The index uses four categories: awareness, planning, pilot programs, and practical preparedness. Banks were found to be largely focused on building basic knowledge and governance rather than deploying quantum-resistant systems.

Half of the surveyed banks lacked a formal plan for adopting post-quantum cryptography, while 32% had not started their transition journey. Governance activity was more advanced than technical implementation, with half of the surveyed banks having discussed quantum computing at board level.