The phrase “Store now, harvest later” sends shivers down the spines of Australia’s cybersecurity experts, tasked with safeguarding sensitive information.

This apprehension is well-founded, as the rise of quantum computing presents one of the most formidable security threats the world has faced in recent times.

Dr. Vikram Sharma, a researcher in quantum science, explains that certain complex problems, which would take millennia for today’s supercomputers to solve, might be unraveled in mere minutes by quantum computers.

In response, Australian banks are being directed to fortify their systems against such threats by implementing a new cryptographic standard. Karl Hanmore from the Australian Signals Directorate describes this as a kind of “special maths” designed to enhance security.

“Adopting post-quantum cryptographic algorithms is the key to protecting our data,” Hanmore emphasized.

Andy White, CEO of the Australian Payments Network, notes that the sector has been granted special permission by the competition watchdog, the ACCC, to collaborate with Visa, Mastercard, and EFTPOS systems in preparing for the quantum computing era.

“It’s an upgrade to about a million point of sale terminals and 25,000 ATMs, so it’s a significant complex program, which is what we’ll aim to do by 2030,” White said.

So what can we all do to prepare for quantum computing?

Don’t fret, for a start, says Hanmore. The banks will be upgrading their security regimes in coming months, so will every major network-exposed business and agency, as well as software developers.

“Your bank, your web browser, your phone will be updating to those new cryptographic algorithms seamlessly, and your stuff will continue to be safe,” he says.

But there are some measures, everyone should take:

If your phone offers a software update, take it.

Don’t share your passwords. Don’t use the same password for multiple accounts. And switch to multi-factor authorisation for accounts, especially those for internet banking.