Quantum technology has been hailed as a sector with significant growth potential across Asia-Pacific, driving the creation of new markets, applications, and jobs. According to Australia’s National Quantum Strategy, quantum computing, communications, and sensing could contribute AU$6.1 billion to Australia’s GDP by 2045.
While the advantages for businesses and industries are undeniable, quantum computing also raises concerns about how prepared and adaptable our current cyber defences are. Quantum technology poses an exponentially greater threat to the existing vulnerabilities in our digital infrastructure.
What is Q-Day and how will it affect organisations?
An Australian-led research team recently published a peer-reviewed paper in the IEEE Access Journal, warning that without immediate action to secure IT networks against “quantum hacking,” cryptographically encrypted data could soon be decrypted at scale by malicious actors. This quantum-powered mass decryption, known as “Q-Day,” could break the encryption systems that underpin digital society, leaving little to no time to react.
The next generation of quantum computers will break traditional encryption algorithms used to protect sensitive data, rendering them obsolete. This technology could be exploited by adversarial nation-states and cybercriminals to breach government security, disrupt financial transactions, compromise personal data, and damage critical infrastructure.
Today’s environments, which integrate both ageing and modern technologies, already face growing security exposures, blind spots, and exploitation by bad actors. Next-generation quantum computing will exponentially worsen these issues. In the wrong hands, quantum computers will be able to decrypt anything — from personal files and professional data to trade secrets and national security plans. The potential consequences are far more severe than those predicted for Y2K, and unlike Y2K, there is no specific deadline for when we must be “ready.”
The countdown to Q-Day has already begun, with “harvest now, decrypt later” attacks in progress. Bad actors are currently stealing sensitive encrypted data, intending to decrypt it in the future when quantum computing becomes more powerful.
Organisations must prepare now for this new era of cybersecurity threats by adopting a proactive approach. Addressing the threat of Q-Day won’t happen overnight; it will require significant planning, testing, and effort to minimise disruption. For example, it’s estimated that banks will need at least eight to 10 years to fully transition to post-quantum protocols. Failing to act now will leave us not just lagging behind but completely outpaced in this arms race. Preparing for this event will be far easier and more cost-effective than recovering from a worst-case scenario.
Practical steps for a quantum-ready future
Thankfully, there are practical steps that organisations can take today to prepare for the inevitability of quantum computing.
- Understand that it’s now an arms race
Make no mistake: This is now an arms race between threat actors, organisations, and governments. Denying its existence or postponing action will only put your organisation at a severe disadvantage.
The threat is no longer theoretical, so it’s time to get familiar with blueprints and strategies that can support the right approach for your organisation.
The Australian Signals Directorate (ASD) has outlined planning considerations for post-quantum cryptography (PQC), including an inventory of encryption, data value assessment, a transition plan for implementing PQC and decommissioning legacy cryptography, vendor engagement, and education on the use of PQC. The National Institute of Standards and Technology (NIST) recently released draft standards, while ASD is monitoring PQC standardisation efforts and updating ASD-Approved Cryptographic Algorithms in the Information Security Manual (ISM). - Replace legacy technology
Many industries, including healthcare, retail, education, and utilities, are still using legacy operating systems, which are 77% more likely to experience attack attempts. Malicious actors intentionally target these systems because they have an expansive, intricate attack surface and are easier to breach.
Legacy technology is already a liability, but quantum computing will accelerate the need for modernisation and the adoption of quantum-resistant solutions. Starting quantum migration early will help IT and security teams better handle the threats they face today, particularly through investments in automation. - Identify vulnerabilities and prioritise their remediation
Most importantly, holistic visibility is the foundation of an effective defence.
There are around 57,000 assets connected to ANZ organisations’ networks, each posing its own threat on any given business day. Quantum computing will make targeting connected, non-quantum-ready assets much easier. Therefore, it’s crucial to invest in the right solutions that allow you to not only see your entire attack surface, but also prioritise and execute appropriate proactive and reactive efforts. This visibility also enables you to assess the security posture of vendors, partners, and anyone connected to your network. A single weak link in the chain can compromise your entire security ecosystem, even if that weak link is tied to a third party.
By illuminating the entire attack surface, organisations gain a holistic understanding of their vulnerabilities, enabling them to prioritise remediation efforts more effectively and protect themselves from direct attacks and breaches, both now and in the future.
We’re now in a race against the clock — and against bad actors. The transition to a quantum-resistant future requires a long-term commitment and a phased approach. By adopting a proactive, collaborative, and forward-thinking strategy, organisations can ensure a secure and resilient future, where they’re not lagging behind, but leaping safely ahead.
