Banco Sabadell has completed a joint project with Accenture (NYSE: ACN) and QuSecure to explore the adoption of Post-Quantum Cryptography (PQC) technologies in the bank’s infrastructure.
This project is a step forward in improving resistance to quantum attacks, with Banco Sabadell leveraging QuSecure’s software for “crypto agility and open-source libraries to modernize and orchestrate encryption.”
The collab between Banco Sabadell, Accenture and QuSecure resulted in a comprehensive understanding of the steps “required for the bank to become quantum-resilient and provided an initial estimation of how quantum security technologies can be adopted.”
The completion of the four-month project demonstrates the organization’s commitment to staying “ahead of advancements in the quantum security race.”
Joan Puig, Group CISO of Banco Sabadell said:
“Cryptography plays a crucial role in banking, securing processes such as payments, digital interactions with customers and communications with market infrastructure. It is also essential for protecting sensitive information. As we transition into a post-quantum computing era, the challenges include identifying the use of cryptographic methods vulnerable to quantum attacks and transitioning to quantum-safe cryptography with agility and efficiency. This project, in collaboration with Accenture and QuSecure, has allowed us to explore the impact of the adoption of post-quantum cryptography technologies on the bank’s infrastructure.”
According to the Financial Services Information Sharing and Analysis Center (FS-ISAC) the transition to crypto agility must “start immediately and is a long-term strategy, not a one-time implementation.”
As explained in the update, the rise of quantum computing “challenges modern-day cryptography.”
Preparing and adapting cryptographic methods to withstand the power of quantum technologies involves “developing quantum-resistant algorithms and reevaluating current security protocols.”
Proactively addressing these concerns is crucial for “maintaining the integrity and confidentiality of digital communications in the quantum era.”
As mentioned in the announcement, Accenture is a global professional services company that helps the world’s organizations build their digital core, optimize their operations, “accelerate revenue growth and enhance services—creating tangible value at speed and scale.”
Their broad range of services, solutions and assets “across Strategy & Consulting, Technology, Operations, Industry X and Song, together with their culture of shared success and commitment to creating 360° value, enable them to help clients reinvent and build trusted, lasting relationships.”
They measure their success by the 360° value they “create for their clients, each other, their shareholders, partners and communities.”
As noted in the update, Accenture Security is a provider of end-to-end cybersecurity services, including “strategy, protection, resilience and industry-specific cyber services.”
They bring security innovation, coupled with global scale and “a worldwide delivery capability through their network of Cyber Fusion Centers.”
Helped by their team of more than 25,000 highly skilled professionals, they enable clients to innovate safely, “build cyber resilience and grow with confidence. “