The cybercrime world is ever-changing, and hackers are preparing for a future quantum computer that might make current encryption techniques useless. This is called "harvest now, decrypt later," a rising phenomenon since cybercriminals steal encrypted data with hope for the time when, decrypted, it will become easy using quantum computers. Businesses must be aware of this new threat and use measures of proaction in their data protection.
Encryption has been one of the most essential practices that organisations have been carrying out for years, keeping any of the sensitive information being used to communicate, financial records, and personal information. New advances in quantum computing, however, create a potential danger that today's encryption would be relatively easy to break in the near future. Hackers are aware of this and are more aggressively collecting encrypted data that will wait for the quantum computers' ability to break down cryptographic codes.
Already, it's the reality of cyberattacks. Today, more than 70% of ransomware attacks include exfiltration of data before encrypting it. Cybercriminals are banking on quantum computing ultimately making decryption of taken data possible, no matter how safe they are today.
Threat from Quantum Computing to Encryption
There is a fundamental difference between quantum and traditional computing. In a classical computer, a bit is either one or zero. A qubit in a quantum computer, through superposition characteristic of it, is both one and zero at the same time, so that quantum computers are enabled to calculate at unprecedented speeds on complex calculations.
For instance, it would take a classical computer trillions of years to break a 2,048-bit encryption; a quantum computer can do this in a few seconds. Quantum technology is not available on a massive scale yet, but scientists predict that it will be implemented within ten years, causing hackers to put aside the data they want to encrypt in advance-by storing it encrypted today.
What Data Are Hackers Targeting?
In general terms, hackers have historically been most interested in stealing PII, which includes names, addresses, social security numbers, and even financial information. Such details are patently valuable for identity theft purposes and far more nefarious undertakings. With quantum computing, of course, hackers will no longer be limited to stealing data from databases but rather can intercept data as it travels between the web browser and server or even exploit vulnerabilities existing within internal networks.
This effectively means that companies must be even more careful to safeguard the very foundations of their HR and financial structures, communications, and any partnerships they hold. When quantum computing becomes ubiquitous, no encrypted data will ever remain safe unless new methods impervious to quantum decryption are deployed.
The Quantum Decryption Consequences
As a result, severe consequences will be meted out to businesses if they do not prepare for the quantum era. If hackers decrypt the data, the taken data may lead to initiating account takeovers, revealing identity theft campaigns that may have begun, and running targeted cyberattacks. The average cost of a data breach already runs into millions of dollars; it has risen from $4.35 million in 2022 to $4.45 million in 2023. These figures may see a great uptrend as quantum computing becomes a reality.
On the legal side, one of the main issues is possible legal implications. Companies that cannot protect client information may face billions in penalties and damage their reputation as jurisdictions worldwide are hardening their data protection measures.
Why Begin Preparing Now?
While quantum computing may not be commercially available yet, businesses cannot wait. It may take many years before the average hacker gets his hands on quantum technology, but well-funded groups-nation-states or corporate competitors-will probably soon get to use it. Companies should act now, not just to avoid losing money but to get ahead of advanced cyber threats.
Also, the development in quantum computer technology speeds up quickly. Although current quantum computers are of high price and complexity, a recent breakthrough came from a Chinese startup regarding portable consumer-grade quantum computers; this means that such quantum computers might appear more useful even sooner than thought.
Protecting Businesses Against Quantum Computing Threats
As quantum computing rapidly evolves, businesses need to take decisive actions to protect their data from future risks. Here are key steps to consider:
1. Adopt Post-Quantum Cryptography: Organisations should prioritise implementing encryption methods that are resistant to quantum computing, following the guidelines from the National Institute of Standards and Technology (NIST). By transitioning to post-quantum cryptographic standards as soon as they become available, businesses can secure their data from potential quantum-powered attacks.
2. Improve Breach Detection: Strengthening breach detection capabilities is essential. By monitoring for indicators of compromise, businesses can identify potential attacks early, allowing security teams to respond quickly. This could involve changing compromised passwords or encrypting sensitive data before hackers can exploit it.
3. Use Quantum-Safe VPNs: As quantum-safe virtual private networks (VPNs) are developed, they can provide an additional layer of security by protecting data in transit. These VPNs will ensure that hackers cannot intercept sensitive communications or steal data while it is being transmitted between systems.
4. Move Sensitive Data to Secure Locations: Business leaders should evaluate whether decrypted data poses significant risks and move critical information to secure offline storage if necessary. For highly sensitive data, businesses may need to implement segmented networks, strict access controls, or even revert to paper-based systems to protect it from potential quantum threats.
The Time to Act Is Now
With quantum computing on the horizon, businesses must begin preparing for a future where these technologies could be used to break traditional encryption. By adopting quantum-resistant cryptography, improving breach detection, and securely storing sensitive data, companies can reduce the risk of falling victim to quantum-driven cyberattacks. While quantum computers may still be years away, the consequences of failing to prepare could be disastrous. Now is the time for decision-makers to take proactive measures to protect their data before it's too late.
