Trust Stamp publishes a White Paper on the potential impact of Quantum Computing on legacy biometric systems
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Insights
The advent of quantum computing presents a profound challenge to current cybersecurity measures, especially concerning the protection of biometric data. The 'Harvest Now Decrypt Later' (HNDL) strategy is a significant threat, as adversaries could store encrypted data today to decrypt it with quantum computers in the future. This threat is particularly acute for biometric data, which, unlike passwords, cannot be changed once compromised.
Organizations should be proactive in transitioning to quantum-resistant encryption methods to safeguard sensitive information. The U.S. Government's mandate for federal agencies to deploy symmetric encryption systems underscores the urgency of this issue. Trust Stamp's IT2 algorithm being quantum-proof is a noteworthy development, as it suggests a readiness for the quantum era. However, organizations must conduct due diligence to verify such claims and ensure that their security measures are truly resilient against quantum decryption capabilities.
The release of Trust Stamp's White Paper and the development of quantum-resistant algorithms like IT2 could have financial implications for the company. As awareness of quantum threats grows, demand for quantum-proof security solutions is likely to increase. This positions Trust Stamp favorably in the market, potentially leading to new business opportunities and partnerships with organizations seeking to future-proof their security infrastructure.
Investors should monitor the adoption rate of Trust Stamp's technology and the company's ability to capitalize on the quantum security market. It's also important to consider the R&D costs associated with developing quantum-proof technologies and the impact on Trust Stamp's financials. While the market for quantum-resistant solutions is in its nascent stage, early movers like Trust Stamp may gain a competitive advantage.
The transition to quantum-resistant encryption is a critical technological shift that will affect many industries. Trust Stamp's discussion on the vulnerabilities of legacy biometric systems and the promotion of their quantum-proof IT2 algorithm contributes to a broader conversation on the need for post-quantum cryptography. The NIST's initiative to evaluate and standardize new public-key algorithms is a significant step towards securing digital infrastructure against quantum threats.
However, the defeat of one of the NIST's proposed algorithms shortly after release highlights the complexity and evolving nature of the cybersecurity landscape. It's essential for organizations to stay informed about the latest developments in quantum-resistant technologies and to be prepared to adapt their security measures as standards evolve and new threats emerge.
Trust Stamp has published a White Paper addressing the impact of developing Quantum Computer capabilities on legacy biometric systems, highlighting the immediate danger of “Harvest Now Decrypt Later” strategies
Atlanta, Georgia, Jan. 05, 2024 (GLOBE NEWSWIRE) -- Trust Stamp (Nasdaq: IDAI), the Privacy-First Identity CompanyTM providing AI-powered trust and identity services has published a White Paper discussing the potential vulnerabilities of legacy biometric systems given the development of Quantum Computing systems.
Dr. Niel Kempson, CB, FREng, Trust Stamp’s Executive Advisor on Technical Capability commented, “Methods currently used to protect communications over the Internet will be secure until quantum computers become a practical reality - experts generally estimate that this is a decade away.”
“But, we should recognise that a “harvest-now decrypt later” (HNDL) approach could be executed by resource-rich adversaries, capturing data now that can subsequently be decrypted when quantum computers become available. This would make sense for data that would still have significant value a decade or more in the future. While this has traditionally been the preserve of nation-state actors, cyber-criminals - sometimes state-supported - are now powerful adversaries too.”
“Financial institutions and others with sensitive data really should question whether they could be a potential target and whether their current implementations would be vulnerable to an HNDL attack. This is especially relevant to biometric systems where biometric data needs protecting carefully for a lifetime - unlike a password, a face or fingerprint cannot easily be reset when compromised.”
As an indication of the immediacy of the HNDL risk, in May 2022 the US Government issued a mandate to all US Federal Agencies maintaining sensitive data to deploy symmetric encryption systems to protect quantum vulnerable systems by the end of 2023.
Dr. Kempson went on to comment, “Trust Stamp’s IT2 algorithm is quantum-proof by design. If an enterprise or NGO is implementing or reviewing a biometric system today, it should actively look into the HNDL risk. It makes no sense to implement or maintain technology that will probably be unusable within the next decade, implicitly gambling on future solutions with unknown complexity and cost.”
“In 2016, the US National Institute of Standards and Technology (NIST) initiated a process to solicit, evaluate and standardize new public-key algorithms that will be secure against a quantum computer (also known as post-quantum or quantum-resistant algorithms). After six years, four algorithms were recommended for standardization with a further four candidates proposed for further consideration. Unfortunately one of those candidates was defeated within a few weeks of its release, reinforcing the difficult nature of this process.”
Copies of the White Paper can be requested by emailing Andrew Gowasack, President of Trust Stamp at: agowasack@truststamp.net
Enquiries
Trust Stamp Email: Shareholders@truststamp.ai
Andrew Gowasack, President
About Trust Stamp
Trust Stamp the Privacy-First Identity CompanyTM, is a global provider of AI-powered identity services for use in multiple sectors, including banking and finance, regulatory compliance, government, real estate, communications, and humanitarian services. Its technology empowers organizations with advanced biometric identity solutions that reduce fraud, protect personal data privacy, increase operational efficiency, and reach a broader base of users worldwide through its unique data transformation and comparison capabilities.
Located across North America, Europe, Asia, and Africa, Trust Stamp trades on the Nasdaq Capital Market (Nasdaq: IDAI). The company was founded in 2016 by Gareth Genner and Andrew Gowasack.
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