Senetas steps up to protect global systems as quantum threat puts cybersecurity sector in frame

Quantum computers are a threat to conventional encryption and public key infrastructure
Multiple nations are now implementing cybersecurity legislation and policies to ensure government agencies and major enterprises are quantum-safe
Senetas has begun discussions with multiple APAC nations to help protect their systems against future quantum computer attacks

Special Report: Rapid advancements in quantum computing technology could drive a shift to cybersecurity investment. Quantum computers, despite being in a nascent stage, are expected to be able (through immensely amplified computing power) to break conventional encryption standards and public key infrastructure that currently safeguard sensitive information worldwide.

Significant news broke this year regarding the development of quantum computers. The Australian government’s investment of nearly $1 billion into quantum computing was certainly a high-profile announcement that turned heads.

Like many inventions, however, quantum computers are widely expected to be used for good and nefarious purposes. To this point, we have also seen countries around the world taking a cautious approach, forming international agreements to set stringent export controls on quantum computing technologies.

Nations including the UK, France, Spain, and the Netherlands have enacted bans on exporting quantum computers that surpass specific capabilities, reflecting the technology’s potential to compromise existing cybersecurity measures and the chaos this could cause in the hands of bad actors.

Amidst this backdrop of uncertainty and rapid technological evolution, Senetas (ASX:SEN), a sovereign Australian cybersecurity company, has positioned itself as a pioneer in adapting to the looming quantum era. Its network encryption security products already offer quantum-safe capabilities.

Securing long-life data is a priority

Recognising the disruptive potential of quantum computers, Senetas, in collaboration with its global cybersecurity partner Thales, has been proactively engaging with stakeholders across Indonesia, Malaysia, and the Philippines, discussing strategies to fortify cybersecurity in anticipation of the arrival of quantum computers. The key concern for these countries is that today’s long-life data remain secure in a quantum-enabled world.

The company’s recent initiatives extend beyond APAC, too. Senetas has recently secured significant contracts in the Middle East, reinforcing its status as a trusted supplier and underlining its strategic foresight in tackling quantum-related challenges.

Extremely agile cryptographic solutions are key

In the US, where the world’s first national Quantum Computing Cybersecurity Preparedness Act was carried out, the National Institute of Standards and Technology recently stated it expects to finalise its quantum-safe algorithm standard in the next few months to safeguard against future quantum computing threats.

The necessity for cryptographically agile cybersecurity solutions that can adapt quickly to new encryption algorithms while still being the strongest defence against today’s conventional challenges, is more pressing than ever.

Meanwhile, being the first to release its quantum-resistant encryption capability in 2020, Senetas continues to be ahead of the curve.

Meeting the cybersecurity demand

Senetas’s recent landmark deal, the largest-ever order for its high-speed ethernet encryptors, facilitated through Thales to a Middle Eastern government agency, is testament to a business strategy that focuses on having the capability and readiness to meet the growing demand for quantum technology cybersecurity around the world.

This deal not only potentially significantly boosts Senetas’s financials – the company expects an increase in revenue by $2.5 to $3.0 million in FY2024 – but also solidifies its reputation in providing world-leading, end-to-end encryption technology for securing critical infrastructure.

This article was developed in collaboration with Senetas Corporation, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.