A recent ISACA survey has found that while 67% of European IT professionals expect quantum computing to increase or alter cybersecurity risks in the near future, only 4% of organisations have developed a strategy to address these challenges. The findings come amid lingering concerns among CISOs and cybersecurity experts that a quantum computer may soon be built capable of cracking conventional forms of encryption, sundering corporate privacy and forcing organisations to adopt quantum-ready networking security solutions en masse.
Although only 35% of those surveyed in the poll believe quantum computing will become mainstream soon, this contrasts with warnings from technology firms such as Microsoft, which suggest that advancements are accelerating. Microsoft’s release of the Mojana 1 chip in February is often cited as evidence of progress towards practical quantum computing.
“Given recent quantum advancements and breakthroughs, we can expect quantum computing to be present in our day-to-day platforms and processes within the next years,” said ISACA chief global strategy officer Chris Dimitriadis. “Whilst this will present great opportunities for innovation in several industries, significant cybersecurity risks emerge both in terms of quantum in a silo as well as through the rise of Quantum AI.”
Advocates for quantum computing argue that the technology will offer substantial opportunities in fields like cybersecurity and healthcare. The survey indicates that 56% of respondents agree, seeing it as broadly beneficial for businesses, while 44% anticipate it will lead to groundbreaking innovations. However, the potential impact on cryptography and security remains a significant concern. Quantum computing could theoretically render existing cryptographic standards ineffective, potentially affecting secure communications, financial transactions, and cloud storage.
The ISACA survey also identifies a skills gap, with only 2% of respondents confident in their understanding of quantum computing’s capabilities. Similarly, just 5% have a strong grasp of the National Institute of Standards and Technology (NIST) post-quantum cryptography standards, despite these standards being developed over the past decade. Concerns about cryptography are prevalent, with two-thirds of IT professionals worried that quantum computing could compromise current internet encryption before organisations can adopt quantum-resistant protocols, posing a risk to digital trust in critical services.
Investment in quantum technology drops amid rising AI interest
According to a McKinsey & Company report from May 2024, only 40% of IT professionals report that their organisations have considered adopting post-quantum cryptography, and 52% state that quantum computing has not been integrated into their strategic planning. Investment in quantum technology start-ups has also declined, with private and corporate funding dropping by 27% over the past year, partly due to growing interest in generative AI technologies.
Furthermore, the ‘State of Quantum 2024’ report by IQM Quantum Computers, OpenOcean, and Lakestar revealed a 50% decline in venture capital investment in quantum computing last year, falling from $2.2bn in 2022 to $1.2bn, primarily due to reduced funding from US sources. This decline is overshadowed by government commitments to invest $40bn in quantum computing over the next decade.
Read more: Study finds VC quantum computing investment crashed by 50% in 2023
