Quantum Computing: Why FINMA Believes Action Is Needed Now.
In the summer of 2026, the Swiss Financial Market Supervisory Authority (FINMA) published the results of a survey of 60 Swiss financial institutions. The findings: The majority of the companies surveyed view the risks posed by powerful quantum computers as real. At the same time, many lack concrete roadmaps and long-term migration plans for transitioning to quantum-secure encryption methods.
#Security Risk Assessment
Harvest Now, Decrypt Later
FINMA views the “Harvest Now, Decrypt Later” scenario with particular concern: Attackers can collect and archive encrypted data today in order to decrypt it in the future using powerful quantum computers. This is particularly relevant for banks, as customer data, transaction information, and contracts often must remain confidential for many years.
The regulatory authority therefore recommends five key areas of action:
- a clear strategy and roadmap
- an inventory of the cryptographic measures in use
- the identification of data worthy of protection
- the development of crypto-agility
the integration of external service providers into the transformation.
PQC Becomes a Governance, Risk, and Compliance Task
For banks, this means that quantum computing should no longer be viewed as merely a technological issue. The transition to post-quantum cryptography (PQC) is increasingly becoming a governance, risk, and compliance (GRC) task. International standardization bodies such as NIST have already defined the first quantum-secure algorithms; now the focus is shifting to practical implementation.
For UMB clients, this results in a clear priority: to establish transparency regarding their own cryptography landscape, identify critical systems, and develop a realistic migration path early on. Those who start today will be able to manage regulatory requirements, security risks, and future investments significantly better than those institutions that wait until the breakthrough of powerful quantum computers.
Quantum Hype – Security Reality. From Hype to a Roadmap for Businesses. Live in Zurich on September 17 (in German only)
Experts Marc Rudin from UMB and Thierry Gasser from IBM will discuss the topic “Harvest Now, Decrypt Later” from the world of quantum computing. They’ll help you identify what’s truly relevant amid the quantum hype, prioritize your critical systems strategically, and implement hybrid PQC securely and in a planned manner with a clear roadmap.
There are only a few spots left for the UMB Live Event “impact 2026” on September 17 at the Schiffbau in Zurich.
Find out more and request to attend now (in German only)
For more information on this topic, visit [finma.ch]
IT is a blessing. Until you are attacked …
