The rapid advancement of quantum computing represents a new frontier in cybersecurity. At Santander, we recognize its significance, and we are actively participating in a global movement to transition to post-quantum cryptography together. In an ever-evolving cybersecurity landscape, Santander is dedicated to addressing all potential security threats that could impact our customers.

February 12, 2025.
Modern cryptography is fundamental to a secure financial ecosystem and serves as a vital tool in cybersecurity, offering an additional layer of protection for customers. By ensuring privacy and confidentiality, it helps safeguard data and information from being stolen by cybercriminals. 

However, a sufficiently advanced quantum computer, while still far from becoming a reality, could potentially break cryptographic algorithms currently in use. It could break current cryptographic methods and is leading to the emergence of a new important field in cybersecurity: Post-quantum cryptography.

At Santander, we are committed to addressing current and future security threats that may affect our customers. In that regard, we are preparing for the potential impacts of quantum computing by engaging in global efforts on post-quantum cryptography.

QSSF - Call to action: urgent plan needed to transition to post-quantum cryptography together

Banco Santander is a founding member and plays a relevant role in the Quantum Safe Financial Forum (QSSF) initiative, a multi-stakeholder effort to address the transition to post-quantum cryptography. This initiative underscores the proactive steps we are taking to secure the digital future. By fostering a culture of cooperation and innovation, we aim to stay ahead of emerging threats and ensure the safety and trust of our customers.

The QSFF, created in 2024, brings together major European, UK, and American financial institutions with the support of Europol’s European Cybercrime Centre (EC3). The forum recently held an event during which the QSSF issued a call to action aimed at financial institutions and policymakers, urging them to prioritise the transition to quantum-safe cryptography. 

Grupo Santander CISO, Hazel Díez Castaño, highlighted that “the transition to quantum-safe cryptography is one of the most significant cybersecurity challenges of our time. In the financial sector, this challenge is even greater due to the industry's deep interconnectivity. That’s why collaboration and knowledge sharing are essential to ensuring a smooth and secure transition”, she said during the event. 

Meanwhile, Jaime Gómez García, Head of Quantum Technologies at Santander and Chair of the Europol QSFF, underlined the need for a coordinated approach to the transition across various sectors to safeguard our digital infrastructure.

“At Santander, we firmly believe in the power of collective action. We founded the Quantum Safe Financial Forum, actively contribute to the FS-ISAC Post-Quantum Cryptography Workgroup and NIST’s 'Migration to Post-Quantum Cryptography' project and have open-sourced key cybersecurity tools developed by our research team for the benefit of the wider community,” added Hazel. 

While estimates suggest that quantum computers capable of such threats could emerge within the next 10 to 15 years, the time required to transition away from vulnerable cryptographic methods is significant.