EU Warns of Quantum Computers Threat to Financial Systems
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Written by
Simonas Brazionis - Updated 2026-09-24 18:22:44
The European Union's financial supervisors have issued a warning about the potential for advanced quantum computers to compromise cryptographic systems. These systems are crucial for securing communications, transactions, databases, and blockchains within the financial sector.
The joint committee, comprising the European Banking Authority, the European Insurance and Occupational Pensions Authority, and the European Securities and Markets Authority, highlighted this threat in their autumn assessment of risks to the bloc's financial system.
Quantum Threat and “Harvest Now, Decrypt Later”
The regulators indicated that this threat might materialize sooner than the widespread commercial application of quantum computing. They noted that encrypted data, if intercepted today, could be decrypted in the future, a practice referred to as “harvest now, decrypt later.”
This implies that any currently valuable information secured by encryption is at risk if it remains relevant in the coming years. This vulnerability particularly affects blockchains, with a significant portion of Bitcoin‘s supply potentially exposed.
Regulatory Responses and Future Outlook
In response to these emerging vulnerabilities, the EU's Digital Operational Resilience Act mandates financial entities to implement state-of-the-art cryptography. Additionally, the NIS Cooperation Group has advised member states to adopt a post-quantum cryptography migration strategy by the end of 2026.
While acknowledging the risks, the supervisors also recognized the potential for quantum computing to transform the financial sector positively in the medium term. They cited applications such as optimizing financial processes, enhancing fraud detection, and improving pricing models.
A May report from Glassnode indicated that 6.04 million BTC, representing 30.2% of the total supply and valued at over $469 billion at the time, had public keys visible on-chain, making them potentially vulnerable. Projections for “Q-Day,” when quantum computers could break the cryptography underpinning major cryptocurrencies, range from 2030 to 2032 and beyond.
The report's recommendations include continuous planning by authorities and financial institutions to address risks stemming from the rapid advancements in AI and quantum computing.
