What if cybercriminals could hack all cryptocurrency, data encryption methods and security software in the time it takes you to sneeze?
That’d be pretty crazy.
But here’s the thing. That’s entirely possible. Quantum computing (sometimes also called Y2Q) can be a powerful tool in the hands of cybercriminals—whether they’re after cryptocurrency or data.
“Quantum computers are predicted within five years to be able to essentially crack the algorithms that protect cryptocurrencies.” —Steemit
A very basic definition of quantum computing.
Quantum computers use quantum bits (known as qubits) instead of regular bits to process information. That makes quantum computers fast.
How fast? Well, they can solve problems that are far too complex for a normal computer. Quantum computers can also store extremely large amounts of information. All of that makes them perfect for big jobs—like hacking cryptocurrency keys.
“Quantum computers . . . could easily decrypt the advanced encryption we use widely. So even if encrypted data is safe from today’s hackers, it’s potentially vulnerable to hackers of the future.” —Wired
Governments, financial institutions and security vendors are all taking note. And you should, too.
How much should I worry about my cryptocurrency, network and data security?
Major IT firms like Microsoft, Google, IBM and others are hard at work developing quantum computing technology. And DWave, a quantum computing company, has already created a quantum computer and quantum computing software ecosystem.
Quantum computers will be mainstream before you know it.
And while that may seem scary in light of the potential security concerns, you shouldn’t be too worried. That’s because advancements in quantum computing won’t just give hackers more tools. We’ll have enhanced network security solutions, too.
In fact, IT providers are currently hard at work developing new encryption methods, cryptocurrency protection features, and processes to safeguard your sensitive information.
“In a world where processing power is often a bottleneck, breaking the quantum barrier is expected to lead to huge benefits for businesses and society at large.” —Forbes
Learn more about quantum computing.
If you’re interested in learning more about quantum computing, there’s a ton of information out there. Plus, a baseline understanding will help you navigate coming advancements.
Wired’s “Quantum computing is the next big security risk” takes an in-depth look at how quantum computing has the potential to rock national security. And Technology Review’s “Serious quantum computers are finally here. What are we going to do with them?” further explores both the negative and positive effects quantum computing will have on IT as we know it.
If you’re feeling particularly ambitious, you can check out this video done by MIT and IBM.
And remember, you can always reach out to us if you have questions about quantum computing. We may not have all of the answers. But we’ll do our best to help you navigate these advancements and make the right IT decisions for your business.