Quantum eMotion Joins the Hudson Institute in Washington, DC at the Presentation of its New Report on the Quantum Threat to the U.S. Financial System

About this update from Quantum Emotion Corp.

[{"type":"text","content":"Quantum eMotion Joins the Hudson Institute in Washington, DC at the Presentation of its New Report on the Quantum Threat to the U.S. Financial SystemMontreal, Quebec--(Newsfile Corp. - May 19, 2023) - Quantum eMotion Corp. (TSXV: QNC) (OTCQB: QNCCF) (\"QeM\" or the \"Company\") today announces its participation at the launch by the Hudson Institute's Quantum Alliance Initiative (QAI) of its new report on the Quantum threat to the U.S. Financial system.The report highlights the potentially devastating consequences of a future quantum computer attack on the US financial system. It emphasizes the need for the Federal Reserve to take the quantum threat seriously, like the steps taken by the White House and federal government in their Zero-Trust Cybersecurity strategy.The report indicates that a cascading quantum attack on major banks, the Federal Reserve, or stock exchanges could have calamitous effects on the US and global economy, possibly worse than the Great Depression. Quantum computers have the potential to decrypt public-key encryption, which is widely used in banking and other critical systems.The report warns that the threat is undetectable and could persist for days or weeks, causing bank runs and significant financial failures. The estimated cost of a single quantum attack on a major US financial institution targeting the Fedwire Funds Service payment system ranges from $730 billion to $1.95 trillion. The overall impact of a quantum hack and its cascading effects could result in a decline in annual real GDP by 10% to 17%, leading to a six-month recession and indirect losses of $2 to $3.3 trillion. To address this threat, the report recommends adopting post-quantum cryptography standards, convening a Quantum Security Summit involving major banks, setting a deadline for all Federal Reserve banks to be quantum secure, and establishing a quantum security task force at the Fed. It emphasizes the urgency of taking action today to mitigate the risk posed by future quantum computers to the financial sector.The report \"Prosperity at Risk: The Quantum Computer Threat to the U.S. Financial System\" can be downloaded at the following link: https://www.hudson.org/technology/prosperity-risk-quantum-computer-threat-us-financial-systemAs a prominent U.S. think tank that has been influential in shaping public discourse and policy debates...

More updates from Quantum Emotion Corp.