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Overview
Quantum computing has the potential to drive economic growth and promote innovation across a range of industries such as manufacturing, supply chain optimization and logistics, molecular simulations and pharmaceuticals, machine learning, and finance. With a sustained influx of private and government investment and scientific advancements, quantum computing has moved rapidly towards the commercial market. For certain currently intractable problems, quantum computers will have a transformative effect, providing answers exponentially faster than a classical computer. In total, quantum computing companies raised $3 billion by the end of 2021. In particular, four industries—pharmaceuticals, chemicals, automotive, and finance—are projected to be the first beneficiaries of quantum advantages, with the potential to capture nearly $700 billion in value as early as 2035. This increased funding suggests a growing confidence from the investment community in quantum computing.
However, alongside this potential, quantum computing poses an existential threat to certain current forms of cryptography and thus the security of our data. Advances in quantum hardware and software make it increasingly possible that within the next decade, a computer will be powerful enough to break widely used encryption algorithms and put vast amounts of sensitive data and markets at risk. In response, on July 5, 2022, the National Institute of Standards and Technology (NIST) announced four encryption algorithms that will become part of its post-quantum cryptographic standard, expected to be finalized in about two years at which point the public and private sector can fully implement them. The selection signals the beginning of the final stage of NIST’s post-quantum cryptography standardization project, which will likely become an international reference for the industry.
Our panel will discuss developments in quantum computing and what lawyers need to know, including:
- Quantum computing background and use cases (10 minutes);
- Why quantum computing is a threat to cybersecurity (5 minutes);
- What legal consequences flow from the cybersecurity threat (10 minutes);
- Laws and regulations that could apply to quantum computing (10 minutes);
- Understanding post-quantum cryptography and quantum-enhanced cybersecurity (10 minutes);
- NIST’s work on post-quantum cryptography standards (5 minutes); and
- Seeing quantum as a sword and shield: promoting cryptographic agility to mitigate the risk while investing in innovation (10 minutes).
Who Should Attend: In-house counsel, outside attorneys, compliance, other allied professionals working in the pharmaceuticals, chemicals, automotive, and finance industries interested in current developments related to quantum computing
Program Level: Update
Prerequisites: None
Advanced Preparation: None
Faculty:
Ryan W. McKenney
Orrick, Herrington & Sutcliffe LLP
Shannon K. Yavorsky
Orrick, Herrington & Sutcliffe LLP