Quantum computing is a revolutionary technology that promises to transform the fields of science, engineering, medicine and more. However, it also poses a serious threat to the security of the data and systems that we rely on every day. Quantum computers can potentially break the encryption methods that protect information. This concerns the insurance sector, which handles sensitive personal, financial, and health information data. How can the insurance sector prepare for the era of quantum computing and ensure that its data and systems are secure and resilient?
The Quantum Threat to Encryption
Encryption is the process of encoding data to keep it confidential, , relies on mathematical problems that are hard to solve for conventional computers, but potentially solvable by quantum computers using quantum physics principle. Current encryption standards such as RSA and AES could be vulnerable to quantum attacks, manipulating the insurance sector’s data security and customer trust.
How to Future-Proof Security Protocols
The insurance sector must adopt proactive and preventive measures to future-proof its security protocols. Some of the strategies that the insurance sector can implement are:
- Use quantum-resistant encryption methods: These are encryption methods that are designed to resist quantum attacks, such as lattice-based, code-based, or multivariate-based cryptography. These methods are based on mathematical problems that are hard to solve even for quantum computers, or that require more quantum resources than are feasible to implement. The insurance sector should prioritize testing, deployment and migration of its data and systems to them before quantum computers become widely available.
- Reduce complexity and improve incident detection and response: Â The insurance sector should simplify its IT infrastructure and reduce the number of point products that it uses. The insurance sector should also enhance its capabilities to detect and respond to cyber incidents, using tools such as threat intelligence, analytics, automation, and orchestration. This will help to identify and mitigate the impact of quantum attacks, and to recover quickly from them.
- Have outside-in visibility: Â The insurance sector should monitor and assess its external exposure and risk posture, using tools such as Digital Risk Protection/Management (DRP/M), vulnerability scanners, penetration testers, and third-party audits. This will help to identify and remediate the weak points and gaps in its security protocols, and to benchmark its performance against the industry standards and best practices.
Conclusion
Quantum computing is a double-edged sword that can bring both opportunities and challenges for the insurance sector. The insurance sector should not ignore or underestimate the quantum threat to its cybersecurity, but rather embrace and prepare for it. By adopting quantum-resistant encryption methods, reducing complexity and improving incident detection and response, and having outside-in visibility, the insurance sector can ensure that its data and systems are secure and resilient in the era of quantum computing.
