HSBC head of quantum says technology poses extreme risk and opportunity

Philip Intallura, HSBC's global head of quantum technologies, said quantum computing could be highly transformative and could threaten current cryptography; he estimated many organizations may need about 18 months to two years to build the capabilities to begin implementation.

Philip Intallura, HSBC's global head of quantum technologies, described quantum computing as potentially one of the century's most transformative technologies. He said it could also challenge the foundations of computation and existing cryptography. Intallura leads a team formed about three years ago to develop business readiness and serves on the UK National Quantum Strategic Advisory Board. He discussed these points in a conversation with Deloitte researchers about the present and future of quantum computing. Key points: - Quantum computing may enable solutions that classical computers cannot, with potential impacts in optimization, machine learning, and financial simulation. - Intallura warned that widely used cryptography, including RSA and elliptic curve methods, could become vulnerable if quantum advances reach key milestones. - The full commercial impact depends on progress in hardware, software, and error correction; some commercial value may appear earlier through approaches like quantum annealing and quantum-inspired tensor network methods. - HSBC's quantum efforts focus on readiness and cyber resilience and have included hiring quantum talent and close work with cybersecurity teams. - The effort involves an ecosystem of roughly 30 collaborators across big tech, startups, regulators, and academia, and Intallura estimated many organizations may need about 18 months to two years to begin implementation. Summary: Quantum computing could bring significant changes to computation and create cybersecurity risks for current encryption standards. Organizations and industry groups are exploring quantum-minded approaches and building readiness through talent, partnerships, and cyber work. Timeframes and outcomes remain dependent on technical advances and organizational decisions.