This quarter, CISCO, a prominent networking equipment manufacturer, has made headlines with its record-breaking acquisition of the cybersecurity firm Splunk for a staggering $28 billion. This significant move follows a cyber attack in 2022 by the UNC2447 cybercrime gang, resulting in the theft of confidential information and extortion attempts against the company.
In an era of escalating cyber threats and ransomware incidents, a pivotal factor reshaping global cybersecurity is the advent of quantum computing technology. The increasing power and reliability of quantum computers pose a severe threat to banking systems, capable of breaking encryption keys within hours. Google’s 54-qubit quantum computer notably solved a problem that would have taken a supercomputer 10,000 years in just 200 seconds. The Department of Homeland Security in the U.S. warns that breaking the RSA-2048 scheme could be achievable as early as 2030.
Anticipating the quantum era, criminal groups engage in “store now, decrypt later” (SNDL) attacks, stealing encrypted intellectual property and data. The imminent weaponization of quantum technology is poised to disrupt global security as codebreaking undergoes a revolution, and security systems face challenges in the Quantum 2.0 era.
In 2022, venture capitalists invested a substantial $2.35 billion in quantum technology start-ups, covering areas such as quantum computing, cryptography, and codebreaking. Notably, in October 2023, Atom Computing surpassed the 1000 qubits milestone, surpassing IBM Osprey’s previous record of 433 qubits. With continuous investment influx, McKinsey predicts that the global market share of quantum technologies will exceed $1 trillion by 2035.
China stands out as a quantum computing leader, boasting a quantum network spanning thousands of kilometers and demonstrating unhackable satellite links. India, while actively collaborating with global institutes, aims to build a 1000-qubit quantum computer by the end of the decade. The U.S. has passed the Quantum Security Preparedness Act, urging federal agencies to transition to post-quantum cryptographic systems.
In Pakistan, the federal government has approved the establishment of a quantum computing center at UET Narowal Campus, signaling a strategic move to join the elite nations working on Quantum 2.0 technologies. Pakistan’s access to IBM’s quantum computer was revoked, emphasizing the urgency to develop an indigenous quantum computer.
