White-paper: Australian Banking Websites Are Not Ready for Post Quantum Cryptography, Andrew E Scott, March 2025.
Table of Contents
- Introduction
- The Australian banking sector
- Technology enablers and blockers
- Conclusion
- Terminology
- Appendix: Methodology and Results
Conclusion
Since 1994, it has been clear that future quantum computers will pose a threat to current security, and since 2017, the United States National Institute of Standards and Technology (NIST) has been working on Post Quantum Cryptography (PQC) standards to offer protection in a post-quantum world. With NIST’s standardisation of ML-KEM last year and the update of the Australian ISM to require new IT systems migrate to ML-KEM by 2030, there is a clear direction for how Australian organisations should protect users of their websites and apps.
Additionally, the Store Now Decrypt Later threat means that every day that migration to ML-KEM is delayed is another day for data to be captured by malicious actors for later decryption by a suitable quantum computer. Long-lived, sensitive data sent over the Internet and captured in this way is a ticking time-bomb, as it could be later leaked or result in a ransom demand.
Today, none of the popular Australian banking websites protect people from this quantum threat. Despite nearly 40% of global secure web traffic being protected with PQC, Australian banks are far behind.
Australian banks should urgently update their websites to protect their users from Store Now Decrypt Later threats. Over 99% of customer interactions with banks are via apps and websites, and banks are recipients of the type of long-lived, sensitive data that is particularly affected by Store Now Decrypt Later.
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