On July 27th, Hong Kong’s banks scored a 2.3 out of 10 on the Quantum Preparedness Index, indicating they are just beginning to prepare for cybersecurity threats posed by advances in quantum computing.
Summary
- Hong Kong banks scored 2.3 out of 10 on the HKMA’s inaugural preparedness index.
- 32% of surveyed banks had not started preparing for post-quantum cryptography risks or migration efforts.
- HKMA targets full sector readiness by 2030 through a toolkit, workshops and coordinated industry guidance.
Hong Kong’s financial regulator, the Monetary Authority, recently released a new benchmark for quantum computing readiness, along with a report detailing their approach. The benchmark assesses banks across four key areas: understanding quantum technology, developing plans, running trial projects, and actually preparing for its impact. According to the regulator, banks are currently prioritizing learning about the technology and establishing internal guidelines, rather than immediately implementing systems that can withstand quantum-based attacks.
Hong Kong banks remain early in quantum readiness
A recent survey by the HKMA, conducted in early 2026, showed that most banks (68%) were either aware of or actively preparing for the shift to new security standards. However, about a third hadn’t begun planning for this change yet. Of those who had started, roughly half still didn’t have a detailed plan to implement post-quantum cryptography.
Interestingly, banks were further ahead in planning for quantum computing than actually putting it into practice. About half had talked about it with their board of directors, and around a third were beginning to experiment with related projects. The Hong Kong Monetary Authority didn’t reveal which banks participated or how they scored in the assessment.
As a crypto investor, I was reading about this ‘2.3 score’ for Hong Kong banks and wanted to clarify something: it *doesn’t* mean they’ve been hacked with quantum computers or that their security is broken right now. What it actually measures is how ready the banking sector is for the future of quantum computing – basically, are they actively finding weaknesses in their systems, planning updates, testing new tech, and putting those improvements into practice? It’s more about preparedness than an immediate threat.
Quantum risks already affect long-term banking data
In the future, a quantum computer with enough power could potentially compromise the security of current encryption methods used to protect online banking, communication, and data storage. While it’s unclear exactly when this might happen, banks and other financial organizations will likely need several years to find and update outdated security systems throughout their networks, including payment processing, customer accounts, and services they rely on from others.
A pressing concern is the “harvest now, decrypt later” tactic, where attackers steal encrypted data now, holding onto it until powerful quantum computers become available to unlock it. Because of this, organizations like the Bank for International Settlements view preparing for quantum computing as an important data security issue today, especially for long-term confidential financial information.
As a crypto investor, I’ve been following the Bank for International Settlements’ (BIS) work on Project Leap with interest. They’ve already run two tests – first, they successfully tested secure communications using new encryption that could withstand quantum computers between central banks. Then, they moved onto actual payments, using quantum-resistant digital signatures to transfer funds in a real-world setting. The good news is these experiments showed it *is* technically possible to build payment systems safe from future quantum threats. They still need to optimize performance, but it’s a really encouraging step towards securing the financial system.
Blockchain networks share a similar problem because cryptocurrencies like Bitcoin depend on secure digital signatures. Experts caution that preparing Bitcoin for the potential threat of quantum computing could take years, despite the fact that today’s computers aren’t powerful enough to crack its security.
HKMA aims for full preparedness by 2030
Hong Kong’s banking authority, the HKMA, aims for banks to achieve a quality performance indicator (QPI) score of 10 by 2030. This is a goal for the industry as a whole, not a strict legal requirement for each bank individually. The HKMA hasn’t stated any penalties for banks that don’t meet this target.
The organization’s initial step will be releasing a post-quantum cryptography toolkit, created in collaboration with the Hong Kong University of Science and Technology’s business school and several industry partners. This toolkit will assist banks in determining their most important security upgrades and becoming more adaptable in their cryptography – specifically, allowing them to update or replace weak encryption methods without having to overhaul their entire systems.
The HKMA will host workshops to help organizations plan for, understand the technical aspects of, and use quantum technology responsibly. Future reports will indicate if banks are progressing beyond simply discussing quantum technology to actually testing and implementing it.
Hong Kong generally aligns with global policies in this area. The National Institute of Standards and Technology (NIST) has recently established three new security standards for post-quantum cryptography, and recommends organizations start using them immediately. These standards focus on encryption and digital signatures that are secure against attacks from both regular computers and future quantum computers.
In June, the U.S. sped up its preparations for post-quantum cryptography. President Trump issued an order instructing federal computer systems to adopt security standards approved by NIST, and also directed agencies to catalog their current encryption methods and create plans to switch to the new, more secure standards. This move was part of a larger U.S. effort to advance quantum computing, as reported by crypto.news.
Upcoming key steps include launching the HKMA toolkit, beginning industry workshops, and eventually conducting QPI assessments. The regulator hasn’t announced specific dates for these actions, nor how often they plan to update the index.
2026-07-28 12:21