Quantum Computing: A Wake-Up Call for Insurance Security

By: Gabriel Tick, CEO, Opifiny Corp.

As CEO of Opifiny, I frequently reflect on the future—not just what we can anticipate, but how prepared we truly are for unexpected changes. Quantum computing stands out as a particularly critical area demanding our attention, both promising remarkable technological advances and presenting significant risks to the way we secure sensitive information.

Quantum computers could soon challenge the encryption standards that have reliably protected data for decades. Algorithms like RSA and elliptic-curve cryptography might be rapidly broken, exposing vast amounts of private health records, insurance policies, and financial information. Imagine a scenario where personal health records encrypted today become accessible tomorrow—leading to breaches of privacy, identity theft, or long-term financial consequences. It's a troubling thought and a very real possibility.

This issue is particularly pertinent in insurance, where data retains its sensitivity for years or even decades. Malicious actors might already be collecting encrypted data today, intending to decrypt it later once quantum computing matures. What would it mean for the insurance industry, built upon managing risk, if our fundamental approach to data protection were undermined overnight?

The critical question is whether our industry is genuinely ready. Are we prepared to handle quantum computing’s potential disruption? Have we adequately assessed the real risk this poses to client trust, regulatory compliance, and overall security?
Instead of waiting until quantum threats become imminent, we’ve initiated a comprehensive “Quantum-Ready Security Program” to prepare for this emerging threat. This involves several key steps:

1. Inventorying our Cryptography: We’re meticulously cataloging all uses of encryption across our systems to identify where quantum-vulnerable algorithms are used. You can’t protect what you don’t know you have.
2. Assessing and Prioritizing Risks: We’re determining how long data needs to remain secure and prioritizing systems that handle long-lived, sensitive information like medical records.
3. Developing Cryptographic Agility: We’re refactoring our systems to support crypto agility, meaning we can swap out algorithms with minimal disruption. This is crucial as the first generation of post-quantum algorithms might evolve.
4. Adopting Quantum-Resistant Encryption: We’re beginning to integrate post-quantum cryptography (PQC) algorithms into our systems, starting with pilot projects and moving to production for high-priority areas. Hybrid approaches, combining classical and PQC algorithms, are a key part of our strategy.

This isn’t a task we’re taking lightly. We’ve established a dedicated Quantum-Readiness Project Team, created a detailed roadmap, and are providing training to our staff. We’re also engaging with our vendors and partners to assess their quantum readiness because our security is only as strong as our weakest link.

Major organizations, including tech leaders and fellow Insurtech companies, have begun similar preparations, recognizing that waiting too long could result in severe repercussions. Still, widespread readiness across our industry remains uncertain.

The quantum computing era isn't just approaching—it’s already shaping decisions today. As an industry, we must urgently confront this looming reality. Opifiny aims to foster awareness, provoke thoughtful discussions, and drive meaningful action. Together, we need to ask ourselves: Are we truly ready for quantum computing, and if not, what actions must we take right now to protect our future?