UK Finance, the trade association for the UK’s financial services, has called for a taskforce to explore the risks and benefits of quantum technology.

UK Finance has released two reports, Quantum Risks and Quantum Opportunities, which have seven recommendations between them. One of the recommendations is the creation of the aforementioned taskforce.

According to UK Finance, quantum computing is “going to transform the financial services industry, it’s just a matter of when”. However, while there is a multibillion opportunity on offer for new levels and speeds of risk analysis, risks cannot be ignored.

“When a cryptographically relevant quantum computer is developed, it could break the encryption underpinning all payments and electronic commerce,” said Jana Mackintosh, managing director of payments, innovation & resilience at UK Finance.

“We must be ready,” said Mackintosh. “Industry and government must work together now to secure the financial services industry against these threats and put the UK at the head of the pack to seize the opportunities.”

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