Reserve Bank of India has constituted an
eight-member expert committee for the Quantum-Safe and Adaptive Financial
Ecosystem
¨
Reserve Bank of India
(RBI) has constituted an eight-member expert committee for the Quantum-Safe and
Adaptive Financial Ecosystem (Q-SAFE).
¨
The committee will
examine the benefits, risks, and challenges of quantum technology in the
financial sector.
¨
Quantum technology is
based on principles of quantum mechanics such as superposition and
entanglement.
¨
It can help solve complex
financial problems including portfolio optimization, risk assessment, and
macroeconomic modelling.
¨
Quantum technology may
weaken existing cryptographic standards.
¨
This could create
cybersecurity risks for banking, payment systems, and the wider financial
sector.
¨
The committee will assess
the cryptographic inventory of the financial sector through Cryptography Bill
of Materials (CBOM).
¨
It will also evaluate
crypto agility.
¨
Crypto agility refers to
the ability of a system to rapidly shift from vulnerable cryptographic methods
to secure alternatives without major disruption.
¨
The committee will
identify critical financial systems and processes vulnerable to quantum-related
cyber threats.
¨
It will map major risks
and security vulnerabilities in the financial ecosystem.
¨
The panel will examine
the readiness of the industry, including vendor systems, for adopting
quantum-safe cryptography.
¨
It will also conduct a
comparative analysis of global regulatory standards and frameworks.
¨ The expert committee will submit its report within six months of its first meeting.
¨ The report will include a detailed roadmap to protect India’s financial infrastructure from future quantum threats.
