SINGAPORE, November 5, 2024 – In a critical step towards safeguarding global financial communications against future cyber threats, the Banque de France (BdF) and the Monetary Authority of Singapore (MAS) have successfully concluded a pioneering experiment in post-quantum cryptography (PQC). This ambitious initiative aimed to enhance the security of electronic communications, specifically email, against potential quantum computing-powered cyberattacks.
The experiment marks a significant advancement in the development of quantum-safe communications. Leveraging a blend of traditional and post-quantum cryptographic algorithms, BdF and MAS have introduced a hybrid approach that maintains compatibility with existing internet protocols while bolstering security. This approach, recommended by the French National Cybersecurity Agency (ANSSI) and the US National Institute of Standards and Technology (NIST), integrates the CRYSTALS-Dilithium and CRYSTALS-Kyber algorithms to create digitally-signed and encrypted emails, tested through Microsoft Outlook with a PQC plugin.
The results, outlined in a technical report released today, underscore the practical feasibility of quantum-resistant cryptographic methods in widely used systems. However, the experiment highlighted that securing electronic communication alone is insufficient; broader standardisation of PQC across protocols like public key infrastructure and digital certificates will be crucial for full adoption and interoperability.
MAS and BdF view the success of this initiative as an essential step toward securing critical financial systems. “Although quantum computing opens up promising new prospects in various fields, it also brings a threat to cyber security, particularly in protecting our communications,” commented Denis Beau, First Deputy Governor of BdF. He affirmed that Banque de France has been anticipating these challenges and conducting PQC experiments with partners since 2022, with encouraging results in this first collaboration with MAS.
Ms Jacqueline Loh, Deputy Managing Director of MAS, emphasised the importance of early preparedness. “The looming threat of quantum-powered decryption is transforming cybersecurity strategies in financial services globally,” she stated. “Financial institutions that prepare early for the quantum era will not only mitigate future risks but also position themselves to retain public trust in digital financial services.”
The organisations are committed to extending their collaboration, planning a second phase focused on applying PQC to cross-border financial transactions. By future-proofing their cryptographic measures, BdF and MAS are positioning themselves at the forefront of quantum security, demonstrating the value of international cooperation in addressing emerging cybersecurity challenges.