FINMA and ECB push banks to prepare for quantum computing and AI‑driven cyber threats

Switzerland’s financial regulator FINMA released a supervisory notice on quantum computing, presenting the results of a survey of 60 Swiss banks. While most institutions recognize the cyber risk posed by future quantum computers, 72 % have not planned any mitigation measures and only 8 % have a concrete road‑map for post‑quantum encryption. Respondents expect that within seven years quantum‑related cyber risks could affect them directly, and that within ten years a quantum computer might break a 2048‑bit RSA key in 24 hours. FINMA therefore recommends early risk‑management actions and a migration to quantum‑secure cryptography.

The European Central Bank (ECB) sent letters to euro‑area bank CEOs, demanding a detailed plan to counter AI‑enabled cyber attacks by 31 October. The ECB’s request aligns with a warning from the European Systemic Risk Board (ESRB) about systemic threats from advanced AI models that can autonomously discover and exploit software vulnerabilities. The ECB also indicated that a separate communication on the danger to traditional encryption from quantum‑computing advances will follow. Both regulators stress accelerated vulnerability management, investment in AI‑based detection capabilities, and preparation for quantum‑safe cryptographic standards.