Singapore's monetary authority advises banks to get busy protecting against quantum decryption

The Monetary Authority of Singapore (MAS) urges financial institutions to prepare for quantum-era threats by tracking quantum computing progress, planning migration to post-quantum cryptography (PQC) and quantum key distribution (QKD), auditing and prioritizing vulnerable cryptographic dependencies, ensuring systems are upgradable, training staff, and maintaining contingency plans. The advisory warns that cryptographically relevant quantum computers could break common asymmetric algorithms and enable "harvest now, decrypt later" attacks against long-lived sensitive data, with experts suggesting mitigation planning should begin now as impacts may arrive within the next decade.