From Y2K to Y2Q: NCSA urges banks to prep for quantum crypto threats

Thansettakij•Economy•197d ago

Reader Briefing

Thailand's financial sector is being urged by the National Cybersecurity Agency (NCSA) and the Bank of Thailand (BOT) to prepare for the 'Y2Q' era, where quantum computing threatens to break current encryption, potentially destabilizing the economy.

•The NCSA and BOT hosted a seminar on 'Quantum Readiness for Financial Institutions' to address the emerging threat of quantum computing to financial system security.
•Air Vice Marshal Amorn Chomchuen warned of the 'Y2Q' era, where quantum computers could break current encryption standards like RSA and ECDSA by 2030.
•The 'Harvest Now, Decrypt Later' strategy poses a risk, where encrypted data is collected now to be decrypted by future quantum computers.
•Financial institutions must proactively assess their risks and develop migration plans to Post-Quantum Cryptography (PQC), as there is no clear 'cut-off' point like Y2K.
•Urgent changes are planned for March 15, 2029, with digital certificate expirations being enforced every 47 days to mitigate data interception risks.

Overview

•The Bank of Thailand (BOT) organized a senior executive seminar titled 'Quantum Readiness for Financial Institutions'.
•The seminar took place on March 18, 2026.
•Air Vice Marshal Amorn Chomchuen, Secretary-General of the NCSA, delivered a special lecture on 'National Quantum Resilience: National Roadmap and the Transition of Financial Sector'.
•Air Vice Marshal Amorn Chomchuen identified the emerging threat as the 'Y2Q' era (Year to Quantum), predicting quantum technology could break current cyber encryption by 2030.
•The 'Harvest Now, Decrypt Later' strategy means encrypted data collected today could be decrypted by future quantum computers, posing an immediate, undetected risk.
•NCSA, BOT, and TB-CERT are developing a Post-Quantum Cryptography (PQC) Migration Plan, prioritizing the protection of long-term confidential data.
•A clear National Post Quantum Cryptography Migration Plan is targeted for announcement next year to position Thailand as a secure zone.
•The financial sector is considered critical national infrastructure, making it a prime target for global cyberattacks, thus necessitating advanced preventative measures.

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Key Quotes

Air Vice Marshal Amorn Chomchuen

"The financial sector is a critical national infrastructure requiring advanced protective measures, as it is a primary global target for cyberattacks. Proactive preparation is therefore crucial for maintaining economic stability and public confidence."

เพราะภาคการเงินถือเป็นโครงสร้างพื้นฐานสำคัญของประเทศ ที่ต้องมีมาตรการป้องกันขั้นสูง เนื่องจากเป็นเป้าหมายหลักของการโจมตีทางไซเบอร์ในระดับโลก การเตรียมความพร้อมล่วงหน้าจึงมีความสำคัญอย่างยิ่งต่อการรักษาเสถียรภาพทางเศรษฐกิจและความเชื่อมั่นของประชาชน

Air Vice Marshal Amorn Chomchuen

"Banks are sustained by trust. If secrets are revealed and public confidence erodes leading to mass withdrawals, the banking system could collapse instantly."

ธนาคารอยู่ได้ด้วยความเชื่อถือ หากความลับถูกเปิดเผยและประชาชนขาดความมั่นใจจนแห่มาถอนเงิน ระบบธนาคารอาจล่มสลายได้ทันที

Air Vice Marshal Amorn Chomchuen

"You are here"

Key Entities

Organization

Bank of Thailand(ธนาคารแห่งประเทศไทย)ℹ️

The central bank of Thailand, co-organizing quantum readiness seminars for financial institutions.

National Cybersecurity Agency (NCSA)(สกมช.)ℹ️

Thai governmental agency responsible for cybersecurity, urging banks to prepare for quantum threats and developing migration plans.

TB-CERT (Thailand Banking Sector Computer Emergency Response Team)(TB-CERT)

A cybersecurity response team for the Thai banking sector, collaborating on PQC migration plans.

Person

Air Vice Marshal Amorn Chomchuen(พลอากาศตรี อมร ชมเชย)

Secretary-General of the National Cybersecurity Agency (NCSA), lecturing on quantum computing threats to the financial sector.

Law

RSAℹ️

A widely used public-key encryption algorithm that is vulnerable to quantum computing attacks.

ECDSAℹ️

Elliptic Curve Digital Signature Algorithm, an encryption standard vulnerable to quantum computing.

Post-Quantum Cryptography (PQC)ℹ️

A new generation of cryptographic algorithms designed to be resistant to attacks by quantum computers.