Protecting your Transactions with Quantum-Resistant Cryptography

Digital-first economies and next generation businesses across Africa, the Asia-Pacific, and Latin America will rely on cross-border payments as an essential part of their operations. They will need to trade and transfer money across different countries and currencies. But cross-border payments also pose significant challenges and risks, such as high costs, slow processing times, regulatory compliance, fraud, and cyberattacks — especially quantum-level attacks.

Why now?

Some people worry that quantum computers can break the codes that keep online data safe. This can make things like online payments or government secrets easy to steal.

As we continue to build Ace, there’s no better time to consider post-quantum-level cybersecurity than now when it comes to enterprise financial transactions.

Quantum level cyberattacks are a growing threat to the global financial system and its stability. Here are some statistics that illustrate the magnitude and impact of this threat:

• Cyberattacks on the financial sector increased by 38% in 2022, compared to 2021.
• The financial sector experienced the second-largest share of COVID-19–related cyberattacks, behind only the health sector.
• A major cyber incident could disrupt critical financial infrastructure, leading to broader financial stability implications.
• A quantum-enabled cyberattack on Fedwire, the US interbank payment system, could result in catastrophic financial losses for the national economy, estimated at $1.5 trillion.
• A quantum-enabled cyberattack on SWIFT, the global interbank payment system, could affect more than 11,000 financial institutions in over 200 countries and territories.

These stats show that quantum level cyberattacks can compromise the security and integrity of the payment systems. Such attacks could also cause liquidity crises, contract breaches, payment failures, and loss of confidence in the financial system, and most of all, permanent loss of reputation amongst customers.

Once you lose customer trust, you can't earn it back.

Ace is already designed with a combination of features to protect your transactions, and your reputation, including:

• Distributed ledger technology: Sharing and storing data across nodes using cryptography and consensus to ensure data is secure and consistent.
• Smart contracts: Automate the execution of transactions, reducing the risk of human error.
• KYC/AML compliance: Various RegTech innovations to help to prevent fraud, money laundering, and comply with the most stringent regulations

When it comes to quantum resistance, Eclypses MTE is a part of our multi-layer security stance that unites post-quantum cryptographic security and zero trust architecture. Eclypses has been recognized as a leader in data security and has won several awards for its innovative MTE technology.

Eclypses is already partnered with various companies through finance, healthcare, government, and voting, to provide them with a robust and scalable data protection solution.

The underlying technology, MicroToken Exchange (MTE), is a patented method that replaces sensitive data with randomly generated tokens that have no intrinsic value or meaning. These tokens are then securely transmitted through any network until they reach the intended recipient, who can then exchange them back to the original data using the Eclypses Cryptographic Library (ECL).

Even if the tokens are intercepted or compromised, the attackers cannot access or use the underlying data.

If a quantum computer intercepts the tokens in transit, it will not be able to access the original information.

Also, tokens replace the data at the application layer, which means that the data is secured before it reaches the operating system or the network. The data is secured until it is delivered to the intended application or recipient.

Eclypses is already trusted to protect the data of finance giants, multinational corporations and governmental bodies across the globe. We also use this method to secure future smart cities and the various IoT devices inherent in these data-rich ecosystems.

As a result of these features, Ace is a highly secure platform for cross-border financial transactions. Businesses and individuals can rely on Ace to send and receive money with confidence and trade sophisticated products and services, knowing that their transactions are protected.

What can our platform do for you? Contact us today and let's find out how you can be part of our ecosystem.

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