Complying with the MAS Advisory On Addressing The Cybersecurity Risks Associated With Quantum - Compliance Brief

On 20th February 2024, The Monetary Authority of Singapore (MAS) issued Circular No. MAS/TCRS/2024/01 on Advisory On Addressing The Cybersecurity Risks Associated With Quantum (“Advisory”) to CEOs of financial institutions (“FIs”), urging them to address cybersecurity risks arising from developments in quantum computing, and highlights mitigating measures that financial institutions should consider.

The Advisory from MAS sets the scene by highlighting the recognized risks associated with the advent of quantum computers – specifically the threat posed to conventional asymmetric cryptography used widely in today’s public key infrastructure with two core recommendations on attaining cryptographic agility and implementing quantum security.