The Allen Thomas Group Explains the Cybersecurity Risks that Come with Quantum Computing
August 21, 2023 at 15:23
Akron, Ohio -
The Allen Thomas Group (ATG), an independent insurance agency based in Akron, OH, has recently released a blog post that warns businesses about the cybersecurity risks that come with the use of quantum computing. This is due to the ability of quantum computing to easily break conventional encryption strategies. Some experts are worried about the potential security risks. On the other hand, others believe their security protocols can still handle any security threats posed by quantum computing. Nevertheless, businesses have to be prepared for the possible security risks that quantum computing can bring. More information about this can be gleaned from https://the-allen-thomas-group.business.site/posts/5797893877283541823.
Quantum computing uses quantum mechanical phenomena to perform computations. Instead of the usual bits used in current computers, quantum computers employ qubits, allowing them to perform calculations much more accurately and faster. This offers a drastic increase in the improvement of the businesses that are able to develop solutions to their problems. The problem is that quantum computers, because of their speed and power, can break through the encryption algorithms that are currently in use. For instance, composite factorization, often used for protecting credit card information and other sensitive information, can be solved easily and quickly by a quantum computer.
Meanwhile, some experts believe that cybercriminals will likely avoid using quantum computing methods because the current solutions built around traditional encryption techniques are more accessible and dependable for them. Furthermore, as long it is done properly, data may still remain secure even if quantum computing is applied because traditional encryption methods may take too long to be broken perfectly.
Nevertheless, it would be a good idea for businesses to be cautious with their cybersecurity strategy, fully evaluate the risks related to quantum computing, and get the appropriate protection, such as what can be provided by cyber liability insurance. It is important for businesses to consider various risks, such as: the potential disruption to encryption algorithms and potential hackers taking advantage of quantum computing power.
Furthermore, businesses still have to figure out how to use quantum computing in the best possible way to optimize workflow efficiency and profits. Quantum computing has vast potential to revolutionize how businesses handle their data. It can also be used for coming up with enhanced encryption algorithms. And other mathematical computations that are more efficient compared to conventional methods. Thus, the potential advantages of quantum computing will need to be taken into account while being wary of the security risks they pose.
Joe Race, CEO of ATG, says, “To protect against these emerging threats, businesses must have a secure infrastructure and commercial insurance in place with robust standards and practices for data protection. Organizations should consider quality assurance measures that ensure their systems are robust enough to withstand an attack from quantum computing technology while also being able to detect abnormal activities within their networks quickly. Furthermore, businesses should consider investing in cybersecurity personnel or resources who specialize in understanding and mitigating the possibilities arising from this new type of computing.”
Established in 2003 by Joe Race, The Allen Thomas Group has become a premier provider of risk management and financial solutions for individuals and businesses. Joe Race, who is the CEO of ATG, graduated from The University of Akron and worked as an investment advisor in the 1990s. Later, he observed that his customers also required investment protection. ATG started by offering insurance solutions customized for the specific requirements of clients. At the present time, The Allen Thomas Group offers a comprehensive range of individualized business insurance solutions while using several insurance carriers to provide the most appropriate insurance coverage for customers at a reasonable price.
Those who are interested in how commercial insurance may protect businesses from the risks that may emerge from quantum computing can check out The Allen Thomas Group website or contact them through the telephone. They are open from 9:00 am to 5:00 pm, from Monday to Friday. More about the risks of quantum computing can be gleaned from https://www.linkedin.com/feed/update/urn:li:activity:7097248388303237121.
For more information about The Allen Thomas Group, contact the company here:
The Allen Thomas Group
453 S High St Ste 101, Akron, OH 44311