WASHINGTON — The Treasury Department has launched a public-private task force aimed at preparing the U.S. financial system for cybersecurity threats posed by quantum computing, including the potential for future computers to defeat encryption protecting financial data, payments and digital assets.
The Quantum-Readiness Task Force will work with financial institutions, technology companies, financial market infrastructure providers and other private-sector organizations to accelerate the transition to quantum-resistant technology, Treasury said.
The initiative follows President Donald Trump’s Executive Order 14412, which established guidelines intended to strengthen cryptographic protections for sensitive U.S. data, critical infrastructure and the digital economy.
“America must lead in securing the technologies that power our economy,” Treasury Secretary Scott Bessent said in a statement. “This Task Force will help ensure our financial system remains strong, secure, and competitive as new technologies reshape the global landscape.”
Preparing for a New Cybersecurity Threat
Quantum computing could eventually provide significant advances in science, technology and financial services, but Treasury said the technology also presents a potentially serious cybersecurity threat.
Powerful quantum computers could eventually break many of the cryptographic systems currently used to protect financial information, payment networks, digital identities and market infrastructure.
That has led governments and the private sector to begin transitioning toward post-quantum cryptography, or PQC — encryption methods designed to remain secure against attacks involving both conventional and quantum computers.
Treasury said the task force will build on the Group of Seven Cyber Expert Group’s roadmap for transitioning the financial sector to post-quantum cryptography.
“Quantum computing holds significant promise, but it also presents a serious long-term challenge to the cryptographic tools that underpin the U.S. financial system,” Treasury Assistant Secretary for Financial Institutions Luke Pettit said.
Pettit said bringing government and industry together should help ensure the transition is coordinated, based on risk and operationally resilient.
Three Areas of Focus
Treasury said the task force will operate through three workstreams:
- Sector Alignment & PQC Transition: Coordinating preparations across the financial sector and supporting the transition to post-quantum cryptography.
- Third-Party & Vendor Readiness: Addressing risks and implementation challenges involving technology providers and other outside vendors on which financial institutions depend.
- Digital Assets and Emerging Technology Risk: Evaluating quantum-related risks involving digital assets and other developing technologies.
The broader effort will include identifying critical technological dependencies, improving organizations’ ability to replace or modify cryptographic systems, promoting interoperability and strengthening operational resilience, Treasury said.
Financial Industry Joins Effort
The task force is intended to coordinate preparations among government agencies, financial institutions, financial market infrastructure operators and technology companies rather than leaving individual organizations to independently address quantum-related cybersecurity risks.
Deborah Guild, chair of the Financial Services Sector Coordinating Council and head of technology at PNC Financial Services Group Inc., said organizations should already be treating the transition as a current cybersecurity issue.
“Post-quantum cryptography readiness is no longer a future-proofing exercise — it is a present-day risk control,” Guild said.
She said the transition will require financial organizations to prioritize their most critical systems and processes, manage dependencies throughout the financial ecosystem and address implementation challenges.
Treasury said the initiative is part of the administration’s broader effort to strengthen U.S. cybersecurity, protect critical financial infrastructure and maintain U.S. leadership in emerging technologies.
