Quantum computing breakthroughs in 2024 threaten today's encryption standards
Quantum computing is advancing rapidly, raising both opportunities and risks. Experts warn that current encryption methods could soon become obsolete as the latest breakthroughs in quantum computing 2024 develop. Governments and businesses are now investing heavily to prepare for this shift.
The field of quantum technology is entering what some call a 'second quantum revolution'. The first focused on understanding quantum theory, while the second aims to build practical devices. Quantum sensors are already available, and companies specialising in quantum cryptography now employ hundreds of people.
Despite progress, the technology remains in its early stages. Only a few prototypes exist, and significant improvements are still needed. Google owns one of the most advanced quantum computers, capable of calculations impossible for traditional machines.
Security concerns are growing. A study by Entrust and the Ponemon Institute found that just 38% of organisations are actively preparing for quantum threats. Klaus Ensslin, a physics professor at ETH Zurich, warns that quantum computers could break widely used encryption like RSA and ECC. He predicts quantum technology will be commonplace within a decade.
The economic potential is vast. McKinsey estimates quantum technology could generate up to US$97 billion globally by 2035, with quantum computing contributing the largest share. The Swiss government has committed over CHF 80 million to the Swiss Quantum Initiative (SQI) through 2028, supporting research and development. No other major national quantum programmes have been launched in Switzerland since 2022, though related projects like the National Research Focus 'Precision' will explore quantum-based sensors from 2026.
Quantum computing promises major advancements but also poses risks to cybersecurity. With only a minority of businesses preparing, the transition could leave many vulnerable. Governments and companies are now racing to develop defences and harness the technology's economic potential.
