Is Your Brokerage Account Prepared For Post-Quantum?

By Jacob Zamansky of Zamansky.com

For those who were investors in 1999-2000, you may remember the hype about protecting your data and brokerage account from potential harm caused by the “Y-2K” transition.

Investors now face a much greater and likely threat to their data and retirement savings in brokerage accounts and Crypto wallets from “Post -Quantum” cryptography.

Quantum computers are super-computers being developed to help organizations such as government, financial services and healthcare companies solve very complex and daunting problems.

There is a dangerous threat that bad actors ( malign states or hackers ) could breach Quantum “encryption” and steal Government secrets and customer brokerage and bank account assets.

The Quantum Industry predicts that Bitcoin’s encryption could be broken by 2027 or 2028. They use the term “Q-Day” to refer to a future date when quantum computers become powerful enough to break widely used public-key encryption.

On Q-Day, hackers could steal your social security number, brokerage or bank account log-ins, Bitcoin, medical records and other valuable data.

Financial services firms have an obligation to their customers to prepare for Q-Day by implementing systems to address the threat of Post-Quantum. They should be held legally liable for customer losses.

Investors should contact an investment fraud attorney if they are a victim of theft of their retirement or life savings.