The National Institute of Standards and Technology (NIST) in the US has launched a set of three encryption algorithms designed to protect data in the event of a cyberattack from a quantum computer.

The algorithms are the first set of completed standards from NIST’s post-quantum cryptography (PQC) standardisation project, with the Institute encouraging organisations to use them immediately.

NIST said that quantum computing could “revolutionise” several areas including weather forecasting, fundamental physics, and drug design but added that users need to take precautions to protect themselves from threats.

It warned that because quantum computing technology is developing so rapidly, a device with the capability to break current encryption methods could appear within a decade.
This could threaten the security and privacy of individuals, organisations and even entire countries.

The standards, which contain the encryption algorithms’ computer code, instructions for how to implement them, and their intended uses, are the result of eight years’ work by NIST.

The institute said it had asked cryptography experts around the world to conceive, submit and then evaluate cryptographic algorithms that could resist the assault of quantum computers.

In 2015, NIST assessed 82 algorithms from 25 countries and identified the top 15 with assistance from global cryptographers. These were categorised into finalists and alternative algorithms, with draft standards released in 2023.

“Quantum computing technology could become a force for solving many of society’s most intractable problems, and the new standards represent NIST’s commitment to ensuring it will not simultaneously disrupt our security,” said Laurie E. Locascio, undersecretary of commerce for standards and technology and NIST director. “These finalised standards are the capstone of NIST’s efforts to safeguard our confidential electronic information.”

NIST is currently working two additional sets of standards which it hopes to release at the end of the year.

Earlier this week, HSBC joined The Monetary Authority of Singapore (MAS) in signing a Memorandum of Understanding (MoU) focused on developing quantum security.

The move will see the two organisations, alongside several other banks and technology firms, study the application of Quantum Key Distribution (QKD) to help address quantum computing cyber threats by protecting the exchange of cryptographic keys.

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