The Q-Day Hangover: Banking's Current Encryption Is a Dead Man Walking — Harvest-Now-Decrypt-Later Attacks Already Underway

Finextra·medium signal

A Finextra analysis warns that quantum computing's threat to banking encryption is not a future problem — adversaries are already executing 'harvest now, decrypt later' attacks, storing encrypted financial data today for quantum decryption tomorrow. The piece argues most bank risk committees are treating post-quantum cryptography migration as a 2030+ concern when the data theft is happening now. NIST's post-quantum standards (ML-KEM, ML-DSA) are finalized but adoption in financial infrastructure remains minimal.