Swiss Finance Sector Urged to Act Fast to Avoid Quantum Threat

Insider Brief

• Switzerland’s financial sector faces rising risks from quantum computing, prompting a new seven-step action plan to safeguard its status as a trusted global hub.
• The Swiss Financial Innovation Desk warns of imminent threats such as “Harvest Now, Decrypt Later” and calls for coordinated migration to quantum-safe cryptography.
• The plan recommends establishing risk governance, reducing legacy systems, aligning with global standards, and treating quantum readiness as an ongoing process.
• Image: Delegates visited IBM’s Zurich Research Lab on March 4 as part of a FIND-led fact-finding mission to explore the financial risks and opportunities of quantum technology. The lab, IBM’s first outside the U.S., is known for two Nobel Prize-winning discoveries.

Swiss financial institutions face a looming risk from quantum computing, and a new plan says they must act now to stay secure and competitive.

The Swiss Financial Innovation Desk (FIND) has issued a seven-step action plan to prepare the country’s finance sector for a future in which quantum computers can break today’s encryption, according to a post on LinkedIn. The group warns that without urgent measures, Switzerland could lose its standing as a trusted global hub — especially given the risk of so-called “Harvest Now, Decrypt Later” attacks, where hackers steal encrypted data today with plans to decode it once quantum machines become powerful enough.

Quantum computing could break widely used encryption algorithms, potentially exposing financial transactions, client data, and internal communications. The FIND report, Action Plan to a Quantum-Safe Financial Future, notes that significant advances in quantum computing are expected by 2028, a timeline that leaves little room for delay​.

“The risk of a quantum computing attack is not a hypothesis, but real,” the report states. “Emerging research and industry reports indicate that the timeline for quantum computing threats is accelerating, with predictions shifting from the 2030s to as early as 2028, heightening concerns about potential risks to cryptographic
systems occurring sooner than anticipated.”

The Swiss financial center is particularly vulnerable due to its reliance on secure data and its reputation as a safe booking center, according to the document. With roughly $2.6 trillion in assets under custody, Switzerland’s appeal rests heavily on trust.

Seven-Step Plan

The seven-step plan recommends financial firms begin by establishing quantum risk governance — a coordinated leadership effort to assess and mitigate quantum threats. Firms should then evaluate which business functions and technical systems would be affected by quantum cryptography risks. A critical step is to reduce dependence on outdated legacy systems and prioritize procurement of quantum-safe technologies.

The plan highlights the immediate risk of “Harvest Now, Decrypt Later,” which refers to criminals who collect encrypted financial data now and plan to unlock it with future quantum tools. FIND calls for companies to implement migration plans to quantum-safe cryptographic standards and align with guidance from leading regulatory bodies such as the U.S. National Institute of Standards and Technology (NIST)​.

Finally, the report advises financial institutions to treat quantum readiness as a continuous process, with regular reviews and strategy updates to stay ahead of emerging threats.

Although Switzerland traditionally takes a “technology-neutral” approach to financial regulation, FIND argues that this is no longer sufficient.

A voluntary yet unified response is crucial, the team writes in the report, noting that the financial sector should not wait for regulators to impose mandates. The report points to broad consultations between FIND and entities such as the Swiss National Bank, the Federal Office for Cybersecurity, and the army’s cryptology and cyber defense units as evidence of growing institutional concern​.

Delegation Hosted at IBM’s Zurich Research Lab

As part of its awareness campaign, FIND hosted a delegation at IBM’s Zurich Research Lab — the company’s first outside the U.S. and the birthplace of two Nobel Prize-winning discoveries. The field trip, held on March 4, was part of what FIND calls a “fact-finding mission” to deepen understanding of quantum technology’s implications for finance.

Despite the risks, the report also outlines an opportunity. If Switzerland can act quickly, it could lead the global transition to quantum-safe finance. With its compact size and historically agile institutions, the country could turn its vulnerability into a competitive edge.

“The Swiss financial sector cannot only mitigate emerging risks but also position itself as a global leader in quantum-safe financial services,” Eva Selamlar-Leuthold, Swiss Financial Innovation Desk Head. writes in the accompanying LinkedIn post announcing the plan.