New Zealand banks enhance cybersecurity to tackle quantum computing threats

New Zealand's financial institutions are addressing cybersecurity threats from quantum computing, which could break current encryption systems. The National Cyber Security Centre is monitoring developments and collaborating with international partners on these risks. ANZ Bank is implementing a post-quantum encryption program to prepare for potential threats. Other banks, like ASB and Westpac, are investing in cybersecurity but have not disclosed specific strategies due to commercial sensitivity. Regulators, including the Reserve Bank and the Financial Markets Authority, are working with the financial sector to manage risks from quantum computing. However, recent research indicates New Zealand's cybersecurity maturity is low compared to leading economies.