KB Kookmin Bank is studying ways to apply post-quantum cryptography (PQC) in the financial sector to prepare for security threats from advances in quantum computers. It also plans to set up a response framework against harvest-now-decrypt-later (HNDL) attacks, which involve collecting hard-to-decrypt encrypted data in advance and decrypting it later with quantum computers.

KB Kookmin Bank said on Aug. 3 it signed a memorandum of understanding on July 31 with post-quantum cryptography specialist K-Pair for joint research on security technologies to prepare for the quantum computing era.

The two sides will jointly study ways to apply post-quantum cryptography systems in the financial sector and ways to respond to new security threats from advances in quantum computing. They will hold expert exchanges and seminars in post-quantum cryptography and quantum computing. They will also pursue joint pilot projects and technology exchanges.

They will in particular review ways to counter HNDL attacks, meaning "harvest now, decrypt later". Under HNDL, an attacker collects and stores encrypted information now and later decrypts it using technologies such as quantum computers.

Chang-geun Lee (이창근), CEO of K-Pair, said, "It is very meaningful to conduct research together to bring forward the application of post-quantum cryptography technology in finance and to proactively respond to security threats in the quantum computing era."

Jae-yong Lee (이재용), a managing director at KB Kookmin Bank, said, "Quantum technology can become a new source of competitiveness for the financial industry, while also becoming a new threat in terms of security." He stressed, "We will secure the technological competitiveness needed for future financial security to protect customers' assets and information."