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Yahoo
11 hours ago
- Politics
- Yahoo
Is a quantum-cryptography apocalypse imminent?
Will quantum computers crack cryptographic codes and cause a global security disaster? You might certainly get that impression from a lot of news coverage, the latest of which reports new estimates that it might be 20 times easier to crack such codes than previously thought. Cryptography underpins the security of almost everything in cyberspace, from wifi to banking to digital currencies such as bitcoin. Whereas it was previously estimated that it would take a quantum computer with 20 million qubits (quantum bits) eight hours to crack the popular RSA algorithm (named after its inventors, Rivest–Shamir–Adleman), the new estimate reckons this could be done with 1 million qubits. By weakening cryptography, quantum computing would present a serious threat to our everyday cybersecurity. So is a quantum-cryptography apocalypse imminent? Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK's latest coverage of news and research, from politics and business to the arts and sciences. Quantum computers exist today but are highly limited in their capabilities. There is no single concept of a quantum computer, with several different design approaches being taken to their development. There are major technological barriers to be overcome before any of those approaches become useful, but a great deal of money is being spent, so we can expect significant technological improvements in the coming years. For the most commonly deployed cryptographic tools, quantum computing will have little impact. Symmetric cryptography, which encrypts the bulk of our data today (and does not include the RSA algorithm), can easily be strengthened to protect against quantum computers. Quantum computing might have more significant impact on public-key cryptography, which is used to set up secure connections online. For example this is used to support online shopping or secure messaging, traditionally using the RSA algorithm, though increasingly an alternative called elliptic curve Diffie-Hellman. Public key cryptography is also used to create digital signatures such as those used in bitcoin transactions, and uses yet another type of cryptography called the elliptic curve digital signature algorithm. If a sufficiently powerful and reliable quantum computer ever exists, processes that are currently only theoretical might become capable of breaking those public-key cryptographic tools. RSA algorithms are potentially more vulnerable because of the type of mathematics they use, though the alternatives could be vulnerable too. Such theoretical processes themselves will inevitably improve over time, as the paper about RSA algorithms is the latest to demonstrate. What remains extremely uncertain is both the destination and timelines of quantum computing development. We don't really know what quantum computers will ever be capable of doing in practice. Expert opinion is highly divided on when we can expect serious quantum computing to emerge. A minority seem to believe a breakthrough is imminent. But an equally significant minority think it will never happen. Most experts believe it a future possibility, but prognoses range from between ten and 20 years to well beyond that. And will such quantum computers be cryptographically relevant? Essentially, nobody knows. Like most of the concerns about quantum computers in this area, the RSA paper is about an attack that may or may not work, and requires a machine that might never be built (the most powerful quantum computers currently have just over 1,000 qubits, and they're still very error prone). From a cryptographic perspective, however, such quantum computing uncertainty is arguably immaterial. Security involves worst-case thinking and future proofing. So it is wisest to assume that a cryptographically relevant quantum computer might one day exist. Even if one is 20 years away, this is relevant because some data that we encrypt today might still require protection 20 years from now. Experience also shows that in complex systems such as financial networks, upgrading cryptography can take a long time to complete. We therefore need to act now. The good news is that most of the hard thinking has already been done. In 2016, the US National Institute for Standards and Technology (Nist) launched an international competition to design new post-quantum cryptographic tools that are believed to be secure against quantum computers. In 2024, Nist published an initial set of standards that included a post-quantum key exchange mechanism and several post-quantum digital signature schemes. To become secure against a future quantum computer, digital systems need to replace current public-key cryptography with new post-quantum mechanisms. They also need to ensure that existing symmetric cryptography is supported by sufficiently long symmetric keys (many existing systems already are). Yet my core message is don't panic. Now is the time to evaluate the risks and decide on future courses of action. The UK's National Cyber Security Centre has suggested one such timeline, primarily for large organisations and those supporting critical infrastructure such as industrial control systems. This envisages 2028 as a deadline for completing a cryptographic inventory and establishing a post-quantum migration plan, with upgrade processes to be completed by 2035. This decade-long timeline suggests that NCSC experts don't see a quantum cryptography apocalypse coming anytime soon. For the rest of us, we simply wait. In due course, if deemed necessary, the likes of our web browsers, wifi, mobile phones and messaging apps will gradually become post-quantum secure either through security upgrades (never forget to install them) or steady replacement of technology. We will undoubtedly read more stories about breakthroughs in quantum computing and upcoming cryptography apocalypses as big technology companies compete for the headlines. Cryptographically relevant quantum computing might well arrive one day, most likely far into the future. If and when it does, we'll surely be ready. This article is republished from The Conversation under a Creative Commons license. Read the original article. Keith Martin receives funding from EPSRC.
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Business Standard
4 days ago
- Business
- Business Standard
Review of the monetary policy framework on RBI's agenda for FY26
The review of the monetary policy framework and studying the optimal level of liquidity in the banking system which is needed for monetary policy transmission are the key agendas for the central bank in the current financial year, the Reserve Bank of India (RBI) said in its annual report for 2024-25 released on Thursday. The government, in consultation with the RBI, determines the inflation target in terms of the headline CPI inflation once in five years. On March 31, 2021, the Central government retained the inflation target (4 per cent) and the tolerance band (+/-2 per cent on either side) for the next 5-year period, that is April 1, 2021 to March 31, 2026. The review assumes significance in view of the recent commentary from various quarters, including the economic survey, which called for setting core inflation, that is headline inflation minus food and fuel, as the target for the central bank in view of heightened volatility of food prices. 'Higher food prices are, more often, not demand-induced but supply-induced. Short-run monetary policy tools are meant to counteract price pressures arising out of excess aggregate demand growth,' the Economic Survey had said, while arguing for re-examining the framework. The annual report noted that the external benchmark linked rate (EBLR) regime has strengthened and quickened the pace of transmission. 'The proportion of EBLR-linked loans in outstanding floating rate rupee loans of SCBs increased further during 2024-25. Concomitantly, the share of the MCLR-linked loans fell during the year,' the report said. The six-member monetary policy committee has reduced the policy repo rate by a cumulative 25 bps since February. The central bank has pumped in ample liquidity in the system with an aim to increase monetary transmission. RBI governor Sanjay Malhotra has indicated that RBI will keep the system liquidity with 1 per cent surplus of banks' net demand and time liabilities. 'I again reiterate that we will provide sufficient liquidity for the purposes of monetary policy transmission. I do not want to give a number, really, as to what kind of a surplus, but sufficiently in surplus. And you mentioned linking it to NDTL. Well, yes, that is the kind of number, about 1 per cent or so, in the surplus range, now that we are on the easing cycle. That is the kind of number that we will be looking at, and we will keep it sufficiently surplus,' said the RBI Governor Sanjay Malhotra in a post policy press conference in April. As of May 2025, system liquidity averaged around ₹1.6 trillion, or 0.7 per cent of Net Demand and Time Liabilities (NDTL), and is projected to rise to approximately ₹5 trillion, or 2 per cent of NDTL, by the end of August. Loans linked to external benchmarks such as the repo rate reflected the cut almost immediately, the Marginal Cost of Funds-based Lending Rate (MCLR)-- which was closely tied to banks' deposit costs-- adjusted more slowly, delaying the broader transmission of the rate cut. As per the latest RBI data, net system liquidity stood at a surplus of ₹1.91 trillion as of Wednesday.
Yahoo
5 days ago
- Business
- Yahoo
Capitol Perspectives: Memories of the late Missouri Gov. Kit Bond
Officers carry the casket of former U.S. Senator and Governor Christopher S. 'Kit' Bond into the Missouri State Capitol on May 20 to begin a memorial service (Annelise Hanshaw/Missouri Independent). Christopher 'Kit' Bond's death brought very deep memories for me about a governor I have missed since he left the office in 1985. My strongest memory of Bond was his pursuit as the Republican gubernatorial candidate to replace the Democratic governor who controlled a legislature dominated by Democrats. He began his election campaign critical of Democrats, until, as I was told, Republican Attorney General Jack Danforth advised Bond to put more focus on issues of importance to Missourians. I suspect that was a factor in Bond's subsequent policy-focused agenda, which led his lasting legacy and the frequent description of Bond as a moderate. Bond's successful agenda included consumer protection, campaign finance disclosure requirements, expanding education programs for children, the Sunshine Law providing public access to government records and reforming state government hiring. Bond's focus on consumer protection issues was not surprising since he served as Danforth's consumer protection director. Bond went further in his bipartisan approach, crossing conservative Republican lines when he supported Missouri ratification of the Equal Rights Amendment (which ultimately failed). His cross-party agenda came under dramatic attack from a few fellow statehouse Republicans. The most vivid demonstration of the split between Bond and his party came from long-time Carthage Republican state Sen. Richard Webster. Angered by some of Bond's gubernatorial staff and proposals, Webster attacked Bond's staff on the Senate floor. Webster coined the phrase 'kiddie corps,' which he used in his Senate attacks to describe Bond's staff as brash younger folks, not sufficiently conservative for Webster. Webster's attack reflected the views from some Republicans who had hoped for a new Republican-focused conservative agenda without a Democratic governor. It was not to be. I do not recall Bond ever wavering from his agenda. Instead, Bond pursued issues that could win bipartisan support, including moderate Senate Republicans. I still miss that era when a partnership with Bond, Democrats and moderate Republicans dominated public policy in the legislature. Bond demonstrated his cross-party support for major issues when, after leaving the U.S. Senate, he returned to state government on behalf the Missouri Chamber of Commerce to support Medicaid expansion. Facing stiff statehouse GOP opposition, Bond's efforts failed in the legislature. But it was eventually enacted by initiative petition. But it was another demonstration about how Bond could cross ideological and political boundaries for an issue he felt was important for our state.
Globe and Mail
01-05-2025
- Business
- Globe and Mail
Still Waiting: Boeing Stock (NYSE:BA) Slips as Boeing Deliveries Hold Up Flydubai
In a bit of news that proves that, perhaps, China's airlines were perhaps a bit short-sighted when they refused delivery of a set of completed airplanes, Flydubai released word that Boeing's shipping schedule is holding up the works on the airline's launch. The news did little to hurt or help Boeing shares, which slipped fractionally in Wednesday afternoon's trading. Protect Your Portfolio Against Market Uncertainty Discover companies with rock-solid fundamentals in TipRanks' Smart Value Newsletter. Receive undervalued stocks, resilient to market uncertainty, delivered straight to your inbox. Currently, reports noted, Flydubai is waiting for 30 787 aircraft to be supplied. That in turn is slowing the works on Flydubai's planned expansion into the long-haul market, as these are the first wide-body aircraft that Flydubai had ever added to its roster. In fact, Flydubai is sufficiently put out by this delay that it may plan to seek compensation from Boeing for having a delivery schedule that more closely resembles tree growth than an actual calendar. Flydubai agreed to an $11 billion deal for the 787-9 twin-aisle aircraft, from a deal it set up during the 2023 Dubai Airshow. Given that the 2025 Dubai Airshow will take place in mid-November, that means it has been close to two years since they signed that deal, and they are still waiting on delivery. But given other reports that Boeing's backlog stretches back potentially decades, Flydubai probably should have expected this. But Flydubai notes that it has a 'beautiful relationship' with Boeing, and notes, '…there is never any issue we cannot resolve.' An Unexpected Endorsement That was interesting enough, but then, Boeing got an endorsement from one of the most infamous names in stock punditry: Jim Cramer. Cramer recently declared that Boeing shares should climb '…higher and higher,' and offered up some reasons for his assessment that were actually quite reasonable. Cramer notes that Boeing's production schedule is getting back on track, and becoming more predictable, a point that we have already seen taking shape over the last few months. Cramer even went so far as to add the stock to the Bullpen, reports noted, as a possibility emerged that countries may try to avoid tariffs by buying a Boeing plane. Is Boeing a Good Stock to Buy Right Now? Turning to Wall Street, analysts have a Moderate Buy consensus rating on BA stock based on 15 Buys, three Holds and one Sell assigned in the past three months, as indicated by the graphic below. After a 6.25% rally in its share price over the past year, the average BA price target of $200.47 per share implies 10.05% upside potential. See more BA analyst ratings Disclosure
Yahoo
29-04-2025
- Automotive
- Yahoo
White House scales back auto tariffs
The Trump administration is scaling back its 25 percent tariffs on imported automobiles and auto parts that are scheduled to go into effect May 3. The Trump administration said it will spare foreign auto parts from facing a double hit from the president's auto tariffs and his previously imposed import taxes on foreign metals, instead charging the highest available rate per product. The administration will also allow automakers to apply for 15 percent price offsets in the first year of the tariffs and a 10 percent offset in the second year in a bid to get companies to increase domestic production of automobiles. The cost reductions for carmakers — which the administration is calling offsets and distinguishing from rebates — will be phased out in the third year, by which time officials expect auto supply chains to be sufficiently reshored. After the end of the second year, the 25 percent import tax on auto parts will be levied in full. On a call with reporters Tuesday, White House and Commerce Department officials said that the 15 and 10 percent reductions would be applied to the manufacturer's recommended car price. Walking through the calculations, officials multiplied the 15 and 10 percent offsets to the 25 percent auto part tariff rate, arriving at effective tariff reductions of 3.75 percent and 2.5 percent. The average value of the offset would be around $1,500 per vehicle, they said. The reductions would apply equally to foreign automakers and domestic automakers as long as production takes place within the United States and uses American workers. The decision to reduce tariffs rates on car parts was made with input from the auto industry, who argued that it would take time to adjust their supply chain toward increased domestic production. Administration officials said that this argument struck them as reasonable and practical. Auto parts covered under the U.S.-Mexico-Canada Agreement (USMCA), which were exempted from previous tariff increases, would continue to be exempt, officials said. The United Auto Workers (UAW) labor union did not immediately respond to a request for comment on the auto part tariff reduction, but the group came out in support of Trump's auto tariffs when they were announced in March. The tariffs mark 'the beginning of the end of a thirty-plus year 'free trade' disaster,' the group said last month. The UAW said the tariffs 'signal a return to policies that prioritize the workers who build this country—rather than the greed of ruthless corporations.' Trump has issued several similar modifications and reversals during the rollout of his tariff orders so far. He exempted goods covered under the pre-existing USMCA from his 25 percent tariffs on Canada and Mexico, along with canceling the end of the 'de minimis' exemption on shipments from China worth less than $800. He also ordered a 90-day pause for his 'reciprocal' tariffs of various rates on dozens of U.S. trading partners. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
