THE BRIEF
“ FROM THE VERY BEGINNING , REVOLUT HAS HIRED THE BEST TALENT . WE CONTINUE TO HIRE EXCEPTIONAL PEOPLE GLOBALLY AND RECENTLY SURPASSED 5,000 EMPLOYEES ”
André SILVA Head of International Expansion , Revolut �
“ THE COMMUNITY BANKING SECTOR WILL NEED TO EVALUATE OPPORTUNITIES TO GENERATE NEW STREAMS OF NET INCOME , WHILE ENHANCING THEIR DIGITAL CAPABILITIES ”
Keith RIDDLE CEO of Americas , BankiFi �
“ IN A NUTSHELL , GREENWASHING IS THE COMMUNICATION OF UNSUBSTANTIATED OR EXAGGERATED CLAIMS IN RELATION TO THE SUSTAINABILITY OF PRODUCTS AND SERVICES ”
Ella MOORE Senior Strategist , Superunion �
_ QU4NTUM _ C0MPUT1NG T0 _ F1GHT _ CYB3RCR1M3 _
The new Quantum Computing Cybersecurity Preparedness Act was recently introduced to the US Senate and seeks to strengthen security against the latest threat actors through quantum computing .
Passed in July 2022 , the bill addresses federal agencies ’ preparedness for quantum computing and requires them to adopt proper defences against quantum-computing-enabled data breaches .
The threats posed by cyber attacks have risen significantly since 2020 and the digital transformation of industries . The problems being faced by the financial industry are multifaceted , involving cloud migration of legacy systems and after-the-fact cybersecurity solutions rather than cyber-by-design business models .
Fintechs are also under threat , often because of their business modelling , which by nature offers services at speed as well as services such as Open Banking and embedded finance , driven by APIs , which may leave them additionally vulnerable to data breaches .
The move by the US government to action the use of quantum computing against the growing cyber threat
illustrates the seriousness of hacking and data breaches to the US business community .
The bill also underlines the need to migrate federal agencies ’ information technology systems to post-quantum cryptography and mandates that the Office of Management and Budget will supervise the migration process .
A spokesperson for the bill remarked : “ Quantum computing will provide for huge advances in computing power , but it will also create new cybersecurity challenges . This bipartisan legislation will require the government to inventory its cryptographic systems , determine which are most at risk from quantum computing , and upgrade those systems accordingly . I urge my colleagues to join us in supporting this legislation .”
14 September 2022