POST-QUANTUM CRYPTOGRAPHY READINESS IN U.S. COMMUNITY BANKS AND FINANCIAL SMES: A CYBERSECURITY RISK ASSESSMENT FRAMEWORK
Keywords:
Post-Quantum Cryptography (PQC), Cybersecurity Risk Assessment, Financial SMEs, Community Banks, Quantum-Resilient EncryptionAbstract
With quantum computing on the horizon, RSA and Elliptic Curve Cryptography (ECC) which secure cyberspace for financial institutions, are under serious threat. Many important financial groups are getting ready for the new cryptographic age, but U.S. community banks and SMEs are not as prepared as they should be. Even with few technical tools such institutions have an important function in local economies, rural areas and minority small businesses. There is a danger that financial systems in the U.S. could suffer cyberattacks using quantum technology.
In this study, a focused framework for evaluating PQC preparedness is proposed for use in community banks and financial SMEs. It evaluates cryptographic risks, checks the capability of institutions and studies resource shortages using input from rules, institutions’ surveys and details published on cases. The framework mainly uses strategies incorporated in NIST’s PQC migration roadmap, for example, using both cryptography standards, managing PQK lifecycles, evaluating the risks of vendors and building a capable cybersecurity workforce.
Our project is designed to increase the cybersecurity readiness of financially underserved institutions by developing a workable, scalable model of response. The results support the country’s progress toward digitalization and help keep community-based financial systems trustworthy as quantum computing gains importance.
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