Cybercriminals are taking a “store now, decrypt later” approach to data theft because they anticipate advancements in quantum computing, according to risk experts.

This threatens to render current online security measures such as data encryption useless, and businesses have been urged to start preparing immediately.

“Everyone needs to start – in fact, start yesterday,” tech consultant Far Phase’s founder Andrew Scott told the CyberCon conference in Melbourne last week.  

“Quantum computers will be able to efficiently solve problems that are practically impossible on digital computers today.

“Unfortunately, some of these problems are the very mathematics that keeps our data safe online.”  

When large enough quantum computers are developed, it will “break the foundation” of secure web and virtual private network sessions, Mr Scott warns.

He advises swift migration to “post-quantum” cryptography algorithms, which have been standardised and should be resistant to quantum computers. 

“Organisations with highly sensitive, long-lived data need to begin this immediately. Some of the data may already be exposed,” Mr Scott said.

“Many experts think such computers are likely within a decade, and highly sensitive, long-lived data that was sent over the internet could then be in the hands of cybercriminals.

“It is a data breach in slow motion.”  

Instead of using bits, which are either 0 or 1, quantum computers use qubits, which can exist in a superposition of 0 and 1 at the same time. This allows processing of a huge number of possibilities simultaneously. 

In 2019, Google’s Sycamore qubit processor performed a calculation that would take a classical computer thousands of years. 

The Australian Signals Directorate this month warned of looming challenges with post-quantum cryptography.  

“Effective transition plans will be critical to operating in 2030 and beyond – a post-quantum computing world – and this planning must start now,” it said.

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