G7 Central Banks Publish Guidance on Quantum Risks for Finance

A G7 Central Bank Quantum Technologies Working Group, which includes the Bank of Canada, has published a report titled 'Preparing for Quantum Technologies: Key Considerations for Financial Sector Participants,' its first public deliverable. The report addresses the opportunities and, crucially, the risks that quantum computing could pose to the financial system. While practical, large-scale quantum computers are still emerging, their eventual arrival threatens to break widely used encryption methods that protect payments, communications and stored data across banks, market infrastructures and other financial institutions. The working group's aim is to help the sector understand and prepare for this shift, including the need to move toward quantum-resistant cryptography and to assess where sensitive data and systems could be exposed. Because the transition to new cryptographic standards can take years, regulators are encouraging firms to begin planning early rather than waiting until quantum capabilities mature. The publication reflects growing international coordination among central banks on technology and cyber resilience, complementing parallel work on the financial-stability implications of artificial intelligence. For financial institutions, the message is that quantum readiness is becoming a strategic and security priority rather than a distant, theoretical concern.