The Ontario Securities Commission (OSC) has launched a new OSC Q-Bits article series and published a technical report examining quantum computing’s implications for capital markets. The publications encourage firms to assess potential opportunities and emerging risks, particularly to cybersecurity and data protection. Quantum computing has not yet delivered an economic advantage in financial market production applications, but rapid technological progress warrants early preparation.
A central concern is the “harvest now, decrypt later” strategy, in which malicious actors collect encrypted information for possible decryption by future quantum computers. This could expose sensitive data that retains value over long periods. Since transitioning critical systems, infrastructure and cryptographic tools can take years, planning needs to account for future capabilities rather than only immediate threats.
Firms can begin by identifying where and how they use encryption and which sensitive information requires protection over long periods. Other preparatory steps include monitoring developments in post-quantum cryptography and incorporating quantum risks into existing cybersecurity and risk management programs.