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Australian Banks Fight Cybersecurity Risks from Quantum Computing and AI

The Australian Financial Review

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Date Published
11 May 2026
Priority Score
3
Australian
Yes
Created
11 May 2026, 12:00 am

Authors (1)

Description

Lenders are preparing to bolster the card payment system with ‘post quantum cryptography’ by 2030 to protect customers from further danger.

Summary

Major Australian financial institutions are accelerating the adoption of post-quantum cryptography to defend against malicious actors utilizing next-generation AI models and future quantum capabilities. The development of advanced frontier models like Anthropic's Mythos represents a shift in the threat landscape, heightening the risk of catastrophic data breaches through automated cyber-attacks. This transition to quantum-resistant security by 2030 is critical for Australia's national infrastructure resilience and global financial stability. The report highlights the urgent need for governance frameworks that address the intersection of AI capability leaps and cryptographic vulnerabilities.

Body

CompaniesFinancial ServicesInformation securityPrint articleJames EyersSenior ReporterMay 11, 2026 – 9.00amQuantum computing looms as the next big cybersecurity threat for banks, with the growing risk of being attacked by hackers armed with next-generation artificial intelligence models such as Anthropic’s Mythos.The arrival of quantum technology is just around the corner, and will require a big security uplift, said HSBC head of quantum Philip Intallura.Loading...SaveLog in or Subscribe to save articleShareCopy linkCopiedEmailLinkedInTwitterFacebookCopy linkCopiedShare via...Gift this articleSubscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? LoginLicense articleFollow the topics, people and companies that matter to you.Find out moreRead MoreInformation securityBig fourCybersecurityBanking productsPaymentsFintechCredit cardsQuantum ComputingFetching latest articles