The threat posed by quantum computers is not just a distant concern; it’s already taking shape. Determined attackers can store encrypted sensitive data now, with the intention of decrypting it later using quantum computing – a tactic known as the “harvest now, decrypt later” attack. This highlights the urgent need to transition to quantum-proof technologies sooner rather than later.
Globally, the volume of data is so large that it is challenging to comprehend. Just to put it into perspective, over 360 billion emails are sent worldwide each day. Despite this huge amount of dataflow, the potential of data is still significantly underutilised.
As a nation, as a society, and also as an individual, we haven’t at all reached the great opportunities this data can actually provide. There is still a huge potential for a more effective way to gather information, in order to drive innovation, improve decision-making processes, create new essential insights, and enhance various aspects of our lives.
One of the reasons why this data isn’t being used to its full potential, is largely due to security and privacy concerns, which are crucial to address due to regulatory and legal reasons, as well as human considerations. Data often contains sensitive information, either personal identifiable information subject to the EU’s GDPR directive, data protected by intellectual property rights, or simply data that is business critical. In other words, in order to utilise this data it must be done in a way where the data is fully protected, and this is where Partisia’s technology comes in with the solution.
Learn more about Advanced Fraud Detection with the Partisia Platform
Originated from the University Environment
Partisia is an innovative software company and a trusted partner empowering companies to operate and compute on encrypted data. Providing a platform that ensures data from individuals, governments, and private companies remains secure and compliant, while still being fully activated, creating the perfect balance between transparency and privacy.
Partisia, which was established in 2008, as a direct spin-off from the Cryptography and Cyber Security group at Department of Computer Science, Aarhus University.
Securing confidential information for the quantum age
Getting a quantum computer to solve hard problems is one thing – ensuring that these computations are done in a secured and protected way is another and equally important challenge. At the moment the only quantum computers that exist in the world are commercial – understood in the sense that they are “rented” through large, global companies.
This means that there is a security challenge regarding the secrecy of classified information, and this is where Partisia comes into the picture, addressing these concerns with innovative privacy solutions tailored for the quantum era.
When considering how to work with quantum technologies in regulated industries such as finance, there are at least two important quantum-proof techniques commonly referred to as “post-quantum cryptography” (PQC) and “quantum key distribution” (QKD).
Before delving into how these technologies will help secure confidential information, let’s start by introducing them:
- PQC refers to cryptographic algorithms designed around computational problems that are believed to remain difficult for quantum computers to solve.
- QKD on the other hand, is a method of exchanging encryption keys using quantum mechanics, ensuring security by leveraging the principles of quantum physics and specialised hardware.
The Quantum Rocket: A 3-step way of utilising quantum
“To fully harness the potential of quantum computing while minimising the risks, Partisia has outlined a three-step approach. The so-called “Quantum Rocket.” Mark Medum Bundgaard, Chief Product Officer at Partisia, and he adds:
“To truly unlock the potential of quantum computing and quantum key distribution (QKD), we must address and reduce the risks.”
Here’s an overview of the three steps:
In general, post-quantum ready means that we are preparing our present to be secure in a world where a quantum computer exists, so data stays protected and secured.
Step 1. Protecting the world
The first step focuses on securing our current systems using privacy enhancing technologies. As we are now entering the beginning of a quantum revolution, transitioning to post-quantum cryptography is essential to protect our sensitive data.
Step 2. Exploring the possibilities of new technologies
The second step is about embracing and exploring the possible game-changing technologies that are offered by quantum computing combining PQC and QKD. Quantum technology has the potential to disrupt many industries in the future, and in order to fully use this potential we must rethink traditional cryptography.
Step 3. When the quantum computers are here how do we ensure data privacy
In the future, quantum computers will be able to break many of the encryption methods that are currently considered unbreakable. This poses a significant risk to data privacy.
Preparing for this reality means creating resilient, quantum-proof security measures.
Addressing this challenge is not only optional; it is vital to manage and reduce these future risks.
Recommended: Explore the Future of Finance at Nordic Fintech Week
Protecting financial data in the quantum era
The financial industry, in particular, faces unique challenges but also opportunities as quantum technology improves. As quantum computers become available and more advanced they will eventually – possibly sooner than later – pose a serious threat to traditional encryption methods.
As a response against these risks in our current world Post-Quantum Cryptography is being developed. The goal of PQC’s is to create encryption algorithms that are impossible to break and therefore also resistant to attacks. This way financial data stays protected.
At the same time, Quantum Key Distribution (QKD) combined with PQC will open the doors to new possibilities for secure communication in the financial world. By using this technology to exchange encryption keys, financial institutions will be able to detect and prevent fraud and other cybercrimes on a much more effective level.
QKD’s ability to detect intruders during the key exchange process adds one more layer of security for financial transactions.
While protecting privacy and securing sensitive information is the primary goal, the rise of quantum technologies opens doors for the financial sector to many more innovative solutions.
The primary focus is that quantum computers will likely be owned by external entities rather than the financial institutions themselves. Therefore to securely harness this computing power, confidential computing becomes essential.
Learn more about Advanced Fraud Detection with the Partisia Platform
When quantum computers become available, financial institutions should be able to leverage them for generating new insights, optimising models, developing innovative products, and processing data in new ways. However, a significant challenge is that computations require data input, and in the financial sector, this data is heavily regulated.
Confidential computing offers a solution by enabling computations to be done on encrypted data, ensuring that financial institutions can securely utilise outsourced quantum computers in a way where only the financial institution knows and gets the value.
“It is crucial that we position Partisia’s technology as a key enabler for securing and sharing confidential and sensitive information in the quantum era. This ensures that information requiring confidentiality remains protected. With the integration of Partisia’s confidential computing, secure use of quantum computing becomes achievable.” says Mark Medum Bundgaard, CPO of Partisia.
Exploring the possibilities of data’s full potential without compromising privacy
The challenge we’re facing here isn’t just about securing data, it is also about utilising the full potential of data, without compromising its privacy.
Recent technological advancements now makes it possible to perform joint data analysis within an encrypted ecosystem. This allows for collaborative insights without exposing the underlying raw data, creating a powerful synergy of knowledge while maintaining confidentiality.
The quantum age presents both significant risks and immense opportunities. Securing data, particularly in sensitive industries like finance, requires a proactive approach – one that embraces the potential of quantum computing while staying ahead of the security threats it introduces.
With the focus being on privacy-enhancing technologies, quantum-proof cryptography, and innovative solutions like QKD, Partisia is at the forefront of this quantum revolution, ensuring that sensitive information remains protected and still fully enabled.
