Report

NIST’s PQC Standardization: Implications for Financial Services

The financial services sector is particularly vulnerable due to its reliance on long-term data confidentiality, integrity, and nonrepudiation.
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The National Institute of Standards and Technology (NIST) recently announced its selection of Hamming Quasi-Cyclic (HQC) as a backup for a post-quantum key encapsulation mechanism (KEM), complementing its previously standardized primary algorithm based on module lattice (ML-KEM) mathematics. This development marks a significant milestone in NIST’s multi-year Post-Quantum Cryptography (PQC) standardization process, which aims to secure digital communications against quantum computing threats.

This brief provides a high-level summary of recent events affecting the use of cryptographic keys for ensuring confidentiality and privacy of data. It is based on desktop studies, literature review and the author’s knowledge on the subject.

Clients of Datos Insights’ Cybersecurity service can download this report.

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