The Bank of Spain and the Bank of Portugal have signed a memorandum of understanding to establish a cooperation programme on post quantum cryptography, addressing cybersecurity and financial stability risks arising from quantum computing. The agreement, signed at a high level meeting in Lisbon, focuses on coordinating the transition to technologies resistant to quantum computing. An uncoordinated migration could create systemic risks requiring joint examination by financial institutions and supervisors. Shared service providers, market infrastructures and interoperability dependencies create risks that coordinated action can address more efficiently. The programme is planned in three phases, beginning with exchanges of information, good practices and common methodologies. A second phase could assess shared dependencies, ecosystem readiness and migration priorities. A third could include testing, interoperability assessments and analysis of emerging technologies. An industry working group is planned to support progress in the second and third phases.
Bank of Spain and Bank of Portugal agree on cooperation programme for migration to post quantum cryptography
The Bank of Spain and the Bank of Portugal have agreed to establish a cooperation programme on post quantum cryptography to address cybersecurity and financial stability risks from quantum computing. The planned programme starts with information and methodology exchanges, followed by possible assessments of shared dependencies and migration readiness, then testing and interoperability work. An industry working group is planned to support the latter two phases.