In the last two years we have seen a continuous upward trend in the number of cybersecurity breaches, with the record high being broken month-over-month. It is about time companies need to improve their cybersecurity defenses. The number one thing they need to be aware of is that the current encryption that protects their data is NOT GOOD ENOUGH.
In 2021, approximately 281.5 million people have been affected by a data breach. More than 60% of the U.S. information security professionals said ransomware is as serious as terrorism. According to IBM, the average cost of a data breach is over $4 million and Mimecast estimates the average ransomware demand against US companies is over $6 million. Even more alarming, Cybersecurity Ventures expects global cybercrime cost to reach $10.5 trillion USD annually by 2025.
It has been proven in the last two years that it’s a child’s play to phish individual’s private data; and no magic to breach the cybersecurity defenses of a multimillion-dollar company. This will get even more disastrous with quantum advancements headed our way. Nation states and tech giants are already spending millions on quantum advancements. For example, on August 26th 2020, the U.S. Department of Energy (DOE) budgeted $625 million for quantum advancements. In 2021, Honeywell Quantum Solutions and Cambridge Quantum achieved a quantum volume of 1,024 and demonstrated real-time error correction that enables quantum machines to do more significant calculations with fewer qubits. And most recently in 2022, research led by the University of New South Wales, Sydney has proven that a near error-free quantum computing is possible, paving the way for large silicon-based quantum processors for real-world manufacturing and application.
Q-day, the day when quantum computers render all current encryption meaningless will soon be here, and may have even arrived already. Quantum threats are very real and we must become quantum-safe now in order to beat Q-day.
Government agencies across the globe are scrambling to find the best quantum-safe methodology. Among them the highly regarded NIST (National Institute of Standards and Technology) in the US is still two years away from announcing their “preferred method”. It will be a big mistake to leave our data at risk of quantum threats now and wait for two more years. Fortunately, a group of crypto-scientists have pioneered the development of IronCAP™ starting several years ago. It’s a patent-protected quantum-safe encryption technology based on Goppa code-based system – 1 of the 5 favorable post-quantum cryptographic approaches recommended by NIST at this time. IronCAPTM is readily available for people to deploy on their classical computers today. It can be integrated with all kinds of vertical solutions such as email/file encryption, remote access/VPN, cloud storage, 5G/IoT, blockchains, financial transactions, etc., and safeguard you from cyber threats today and in the soon to arrive quantum computing era.
Learn more: www.ironcap.ca
University of New South Wales research