Enterprises Remain Unprepared Against Increasing Quantum Hazards, According to Keyfactor Research
In a recent study conducted by Wakefield Research on behalf of Keyfactor, it was revealed that nearly half (48%) of organizations are not prepared to confront the challenges posed by quantum computing [1]. This alarming finding is particularly concerning for mid-sized organizations, with 56% admitting they are not ready [1].
The report, titled "Digital Trust Digest: The Quantum Readiness Edition," emphasizes the urgent need for organizations to internalize the scope and urgency of the shift to post-quantum cryptography (PQC) [1]. It highlights that those who view PQC as a significant challenge are more than twice as likely (49%) to be actively preparing than those who downplay the risks (24%) [1].
Resource gaps are stalling progress in PQC transitions. The top challenges identified are a lack of skilled personnel (40%), limited time and competing priorities (40%), and unclear industry standards (39%) [2].
The report stresses the importance of developing crypto-agility, meaning the ability to quickly switch cryptographic algorithms when post-quantum standards become necessary [2]. This is emerging as a critical business differentiator.
Jordan Rackie, CEO of Keyfactor, stated that cryptography is critical infrastructure and that quantum computers will break today's encryption [1]. He emphasized the need for early action to future-proof digital infrastructure, ensuring resilience once quantum computers capable of breaking current encryption emerge [1].
The report also recommends increasing visibility and governance over cryptographic assets, allocating resources to PQC research, planning, and implementation, and incorporating quantum-resistant cryptographic solutions in their security architecture early [1][2][4].
Cybersecurity teams are championing PQC preparedness at nearly half of companies (46%), followed by the C-suite (33%) and board members (22%) [3]. However, risk perception varies by role, with more VPs and directors (53%) believing their organizations are unprepared, compared to 35% of C-suite executives [3].
The full report, supported with practical steps and insights from Keyfactor experts across cryptography, identity, and risk, can be viewed and downloaded at https://www.keyfactor.com/digital-trust-digest-quantum-readiness
The report also highlights key benefits of PQC readiness, including stronger cybersecurity (54%), enhanced customer trust (50%), reduced cyber insurance premiums (49%), and a competitive edge (48%) [2].
In summary, the report strongly recommends that organizations:
- Recognize the quantum threat’s full impact and urgency.
- Increase visibility and governance over cryptographic assets.
- Allocate resources to PQC research, planning, and implementation.
- Develop crypto-agility for smooth algorithm transitions.
- Incorporate quantum-resistant cryptographic solutions in their security architecture early.
These steps collectively help organizations mitigate the impending risks from quantum computing and maintain trust in their digital systems [1][2][4]. Awareness of the quantum threat is growing, but action is lagging, according to the report.
- In light of the growing awareness about the quantum threat, it is crucial for businesses to allocate resources towards research, planning, and implementation of post-quantum cryptography (PQC) technology, ensuring a competitive edge and stronger financial stability through enhanced cybersecurity.
- As technology advances rapidly, financial institutions and mid-sized organizations must prioritize developing crypto-agility, a crucial aspect of cybersecurity, to swiftly adapt their cryptographic algorithms in response to the emergence of quantum computers, which could potentially break current encryption methods.
