Executive Orders issued on quantum computing and fraud

The White House issued two Executive Orders looking to address the risks of quantum computing on cryptographic security systems. As quantum computing becomes more available, there is increased risk of bad actors using this capability to decrypt sensitive information and conduct fraud.

These orders do not currently require any action from credit unions. The team is monitoring the Securing the Nation Against Advanced Cryptographic Attacks order as it requires coordination between Treasury, Department of Homeland Security (DHS), and the Cybersecurity and Infrastructure Security Agency (CISA).

This coordination, as outlined in section 5 of the order, requires all federal agencies who serve as Risk Management Agencies to work with DHS through the Director of CISA to assist operators in developing post-quantum cryptography (PQC) standards.

 The order does not require private sector entities to meet PQC standards, but does direct federal agencies to assist critical infrastructure operators in developing their PQC migration plans.

America’s Credit Unions will continue to update credit unions as the Executive Order is enacted.