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Quantum Computing Threatens Australia’s Payment Security, Warns RBA

10/24/2025

Summary

Bullock Warns Quantum Threat

Reserve Bank governor Michele Bullock warned in Sydney that quantum computing threatens Australia’s payment system and data security.
She said stronger encryption is needed, as current systems could be compromised in minutes by quantum technology.
Bullock stressed the payments industry must innovate and adapt to combat fraud as scammers grow sophisticated.
She urged financial institutions to move beyond existing encryption methods to protect consumer data and stay ahead of advancements.

Summary

Singtel Launches Quantum Network

Singtel (Singapore Telecommunications Limited) has launched Southeast Asia's first Hybrid Quantum-Safe Network, combining QKD and PQC to secure data across remote facilities and cloud.
The Cyber Security Agency of Singapore (CSA) released guidelines and tools, including the Quantum-Safe Handbook and Quantum Readiness Index.
Singtel partnered with Palo Alto Networks to improve security and provide managed services for businesses.
The actions underscore the urgency for organizations to adapt to quantum risks.

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Bullock Warns Quantum Threat

Reserve Bank governor Michele Bullock warned in Sydney that quantum computing threatens Australia’s payment system and data security.
She said stronger encryption is needed, as current systems could be compromised in minutes by quantum technology.
Bullock stressed the payments industry must innovate and adapt to combat fraud as scammers grow sophisticated.
She urged financial institutions to move beyond existing encryption methods to protect consumer data and stay ahead of advancements.

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