Project Leap phase 1: quantum-proofing the financial system

Project Leap was a collaboration between the BIS Innovation Hub Eurosystem Centre, the Bank of France and the Deutsche Bundesbank.

Quantum computers, should they reach sufficient size and power, may be able to break the cryptographic encryption schemes used to ensure secure financial transactions and data. While today's quantum computers have yet to reach the necessary scale, most experts believe this is only a matter of time. This makes the quantum threat one of the most important cybersecurity issues facing the financial system today, potentially exposing all financial transactions and much of our existing stored financial data to attack. 

To prepare central banks and the global financial system for a transition towards quantum-resistant encryption, Project Leap addressed the specific challenges involved in updating and replacing the cryptographic security algorithms that the financial system is critically reliant on and that future quantum computers may be able to break. Specifically, it tested the implementation of post-quantum cryptographic protocols between two central banks. One traditional public key algorithm was implemented alongside several quantum-resistant algorithms in a hybrid cyphering mode, with the aim of maintaining the confidentiality of payment messages sent across the two distanced IT systems.

The Leap phase 1 report presents a comprehensive overview of the experiments conducted as well as technical findings that can guide the global transition towards new cryptographic protocols.