HSBC forms partnerships to protect against cyber threats

HSBC Bank, based in London, has joined BT and Toshiba’s quantum-secured metro network to prepare its global operations against future cyber threats.

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HSBC is the first bank to join this network, which connects two UK sites using Quantum Key Distribution (QKD). QKD is a technology that uses particles of light and the fundamental properties of quantum physics to deliver secret keys between parties. These keys can encrypt and decrypt sensitive data and are safe from eavesdroppers or cyber-attacks by quantum computers.

This technology will be tested in multiple scenarios at HSBC, including financial transactions, secure video communications, and one-time-pad encryption, as well as AWS edge computing capabilities using an AWS Snowball Edge device. HSBC will trial the quantum secure transmission of test data over fiber-optic cables between its global headquarters in Canary Wharf, London, and a data center in Berkshire, England.

“Our customers, clients, and employees expect us to have safe and secure operations and resilient cybersecurity, so we must stay ahead of the curve,” Colin Bell, CEO of HSBC Bank and HSBC Europe, said. “That is why we are already preparing our global operations for a quantum future. We are spearheading industry-leading trials, recruiting highly trained experts, and investing in strong, strategic partnerships to explore how we could deploy these technologies as they develop. Today’s milestone proves the importance of collaboration and demonstrates the significant innovation and progress that can be achieved when industry leaders join forces.”

The insight generated by HSBC’s exploration of quantum-secure communications could provide crucial evidence into the advantages of quantum technology and the development of applications in financial cybersecurity. HSBC’s quantum scientists, cyber-crime experts, and financial specialists will be better able to analyze the potential threats posed by powerful quantum computers.

Experts predict that QKD will play a key role in protecting financial transactions, client data, and proprietary information across the financial sector in the future.

Through this initiative, HSBC will be able to better understand its customers’ needs and respond to them faster.