At some point in the future, known as Q-Day, quantum computers will be able to break cryptography widely used today to protect our data and transactions. While nobody knows the exact moment it will happen, getting ready for post-quantum authentication now will help keep customer data safe and avoid costly migration approaches.

Celent recently had a briefing with Petr Dvořák, CEO of Wultra, a Czechia-based company empowering banks and fintechs to build secure digital applications. In this report, Celent shares its key takeaways from the briefing, during which we covered a broad range of topics:

• The risks that quantum computing poses to traditional authentication methods.
• Quantum resistant algorithms and pathways to migrate customers towards them.
• Timelines and why banks should act now.
• Wultra’s PowerAuth platform, commercial model, and key differentiators.

Banks must begin acting now. They should be learning more about the threats, assessing the impact on their organization, determining what capabilities should be developed in-house, start engaging with the vendor community, and allocating budgets for transition. By working with companies, such as Wultra, that incorporate quantum-resistant algorithms into their authentication platforms and offer a cost-effective migration path for bank customers now, banks can ensure they are ready to face the new challenges whenever they come.