A Monash expert is available to comment on quantum computing startup PsiQuantum raising around $750 million to build a useful machine by 2029 or sooner, and what we should be doing for our cybersecurity networks to withstand such computing power.
Associate Professor Ron Steinfeld, Department of Software Systems & Cybersecurity, Faculty of Information Technology
Contact details: +61 450 501 248 or media@monash.edu
Quantum-safe cryptography
Blockchain security
Encryption
The following can be attributed to Associate Professor Steinfeld:
“The funds reportedly being raised by PsiQuantum for their quantum computing hardware development underlines the significant developments in quantum computing, with PsiQuantum expecting to be capable of solving practically useful but currently intractable computational problems within the next four to five years. This follows a similar announcement by Google earlier this year.
“It has been envisaged that this new quantum technology could have positive applications that could be useful for development of new medical drugs or improved batteries.
“However, such large-scale new quantum computing technology also threatens to break the security of currently deployed cryptosystems that protect all our online communications.
“The new developments in quantum computing technology signal the need for organisations to start the process of transitioning their information technology and cybersecurity systems to use new quantum-resistant cryptography standards, to meet the 2030 transition deadline put forward by the Australian Signals Directorate in December 2024.
“Transitioning organisation-level computer systems to the new quantum-safe cybersecurity standards can take several years. Considering claims from PsiQuantum and others that practical large scale quantum computing will become a reality by 2029, organisations in Australia need to start future-proofing their cyber systems as soon as possible.”
For any other topics on which you may be seeking expert comment, contact the Monash University Media Unit on +61 3 9903 4840 or media@monash.edu
