Post-Quantum Migration in the Financial Sector: A Systematic Review of Readiness, Risks, and Transition Frameworks
DOI:
https://doi.org/10.63158/journalisi.v8i2.1477Keywords:
Post-Quantum Cryptography, Hybrid Cryptography, Cryptographic Agility, Financial Systems Security, Cryptographic MigrationAbstract
Quantum computing threatens the classical cryptographic systems underpinning financial infrastructure, exposing payment platforms, interbank networks, and digital services to Harvest-Now-Decrypt-Later (HNDL) risks. This study systematically reviews quantum threats and post-quantum cryptographic readiness in the financial sector to assess preparedness, identify implementation challenges, and synthesize migration pathways aligned with emerging standards. A PRISMA-guided review of 17 peer-reviewed studies published between 2020 and 2025 was conducted, examining quantum threat models, post-quantum cryptographic schemes, quantum key distribution architectures, and sector-specific deployment barriers. The review finds that lattice-based schemes, especially CRYSTALS-Kyber and CRYSTALS-Dilithium, are the leading candidates for financial adoption, while hybrid cryptographic approaches offer the most feasible transition strategy. However, the current evidence base is predominantly simulation-driven, with limited real-world deployment and validation. The study provides a sector-specific synthesis of quantum threats, post-quantum readiness, and migration pathways in financial systems, and advances an integrated readiness and migration framework based on cross-study thematic analysis.
Downloads
References
[1] M. Kumar, “Post-quantum cryptography Algorithm’s standardization and performance analysis,” Array, vol. 15, no. August, p. 100242, 2022, doi: 10.1016/j.array.2022.100242.
[2] I. A. Vasilenko, “Quantum Cyber Threats and Their Impact on the Security of Critical Information Infrastructure,” Phys. At. Nucl., vol. 88, no. 12, pp. 2478–2483, 2025, doi: 10.1134/S106377882510045X.
[3] N. R. Mosteanu and A. Faccia, “Fintech frontiers in quantum computing, fractals, and blockchain distributed ledger: Paradigm shifts and open innovation,” J. Open Innov. Technol. Mark. Complex., vol. 7, no. 1, pp. 1–19, 2021, doi: 10.3390/joitmc7010019.
[4] A. Tiwari, R. Chauhan, N. Joshi, S. Devliyal, S. Aluvala, and A. Kumar, “The Quantum Threat: Implications for Data Security and the Rise of Post-Quantum Cryptography,” 2024 IEEE 9th Int. Conf. Converg. Technol. I2CT 2024, pp. 1–7, 2024, doi: 10.1109/I2CT61223.2024.10543513.
[5] C. Gidney and M. Ekerå, “How to factor 2048 bit RSA integers in 8 hours using 20 million noisy qubits,” Quantum, vol. 5, pp. 1–31, 2021, doi: 10.22331/Q-2021-04-15-433.
[6] A. Karakaya and A. Ulu, “A survey on post-quantum based approaches for edge computing security,” Wiley Interdiscip. Rev. Comput. Stat., vol. 16, no. 1, 2024, doi: 10.1002/wics.1644.
[7] A. Titilola, S. Abayomi, A. Justina, and O. Cynthia, “Future-Proofing Data : Assessing the Feasibility of Post-Quantum Cryptographic Algorithms to Mitigate ‘ Harvest Now , Decrypt Later ’ Attacks,” Arch. Curr. Res. Int., vol. 25, no. 3, pp. 60–80, 2025.
[8] D. T. Dam, T. H. Tran, V. P. Hoang, C. K. Pham, and T. T. Hoang, “A survey of post-quantum cryptography: start of a new race,” Cryptography, vol. 7, no. 3, pp. 1–18, 2023, doi: 10.3390/cryptography7030040.
[9] M. A. Mansur, “A quantum-safe, interoperable, and decentralized payment infrastructure for the post-classical era as a strategic framework for secure global transactions,” 2025, ESJ Social Sciences, United States. doi: 10.19044/esj.2025.v21n19p17.
[10] S. Kumar, A. Klappenecker, G. Brown, and S. Saravanan, “Quantum apocalypse: fortifying critical infrastructure in the age of cyber warfare,” Eur. Conf. Inf. Warf. Secur. ECCWS, pp. 293–301, 2025, doi: 10.34190/eccws.24.1.3757.
[11] L. Janči Ćut, “Cybersecurity in the financial sector and the quantum-safe cryptography transition : in search of a precautionary approach in the EU Digital Operational,” Int. Cybersecurity Law Rev., pp. 145–154, 2025, doi: 10.1365/s43439-025-00135-7.
[12] S. Dixit, “The impact of quantum supremacy on cryptography: implications for secure financial transactions,” Int. J. Sci. Res. Comput. Sci. Eng. Inf. Technol., pp. 611–637, 2020, doi: 10.32628/cseit2064141.
[13] S. Li et al., “Post-Quantum Security: Opportunities and Challenges,” Sensors, 2023, doi: 10.3390/s23218744.
[14] H. H. Shadan, “Quantum computing and cybersecurity in accounting and finance in the post-quantum world: challenges and opportunities for securing accounting and finance systems,” pp. 1–41, 2025, doi: 10.3390/fintech4040052.
[15] E. Zeydan, Y. Turk, B. Aksoy, and S. B. Ozturk, “Recent Advances in Post-Quantum Cryptography for Networks: A Survey,” Proc. 2022 7th Int. Conf. Mob. Secur. Serv. MobiSecServ 2022, pp. 1–8, 2022, doi: 10.1109/MobiSecServ50855.2022.9727214.
[16] D. Moher, A. Liberati, J. Tetzlaff, and D. G. Altman, “Preferred reporting items for systematic reviews and meta-analyses: The PRISMA statement,” BMJ, vol. 339, no. 7716, pp. 332–336, 2009, doi: 10.1136/bmj.b2535.
[17] H. A. Long, D. P. French, and J. M. Brooks, “Optimising the value of the critical appraisal skills programme (CASP) tool for quality appraisal in qualitative evidence synthesis,” Res. Methods Med. Heal. Sci., vol. 1, no. 1, pp. 31–42, 2020, doi: 10.1177/2632084320947559.
[18] C. R. Garcia, A. C. Aguilera, C. Stan, J. J. V. Olmos, S. Rommel, and I. T. Monroy, “Enhanced network security protocols for the quantum era: combining classical and post-quantum cryptography, and quantum key distribution,” IEEE J. Sel. Areas Commun., vol. 43, no. 8, pp. 2765–2781, 2025, doi: 10.1109/JSAC.2025.3568011.
[19] K. F. Hasan et al., “A framework for migrating to post-quantum cryptography: security dependency analysis and case studies,” IEEE Access, vol. 12, no. January, pp. 23427–23450, 2024, doi: 10.1109/ACCESS.2024.3360412.
[20] M. F. Zulfa and K. Anwar, “Development of quantum key distribution (QKD) with E91 protocol for future secure quantum networks,” J. Phys. Conf. Ser., vol. 2980, no. 1, 2025, doi: 10.1088/1742-6596/2980/1/012038.
[21] A. Castiglione, J. G. Esposito, V. Loia, M. Nappi, C. Pero, and M. Polsinelli, “Integrating post-quantum cryptography and blockchain to secure low-cost IoT devices,” IEEE Trans. Ind. Informatics, vol. 21, no. 2, pp. 1674–1683, 2025, doi: 10.1109/TII.2024.3485796.
[22] K. S. Shim, B. Kim, and W. Lee, “Research on Quantum Key, Distribution Key and Post-quantum Cryptography Key Applied Protocols for Data Science and Web Security,” J. Web Eng., vol. 23, no. 6, pp. 813–830, 2024, doi: 10.13052/jwe1540-9589.2365.
[23] A. Zafar, “Quantum Computing in Finance: Regulatory Readiness, Legal Gaps, and the Future of Secure Tech Innovation,” Eur. J. Risk Regul., vol. 2, no. May, pp. 1–32, 2025, doi: 10.1017/err.2025.10050.
[24] S. Nagpal et al., “Quantum Computing Integrated Patterns for Real-Time Cryptography in Assorted Domains,” IEEE, vol. 12, no. September, pp. 132317–132331, 2024, doi: 10.1109/ACCESS.2024.3401162.
[25] J. A. Montenegro, R. Rios, and J. Lopez-Cerezo, “A performance evaluation framework for post-quantum TLS,” Futur. Gener. Comput. Syst., vol. 175, no. February 2025, p. 108062, 2026, doi: 10.1016/j.future.2025.108062.
[26] R. Auer, D. Dodson, A. Dupont, M. Haghighi, N. Margaine, and D. Marsden, “Quantum-readiness for the financial system : a roadmap, BIS Papers No. 158,” 2025.
[27] D. J. Egger et al., “Quantum Computing for Finance: State-of-the-Art and Future Prospects,” IEEE Trans. Quantum Eng., vol. 1, 2020, doi: 10.1109/TQE.2020.3030314.
[28] G. Yalamuri, P. Honnavalli, and S. Eswaran, “A Review of the Present Cryptographic Arsenal to Deal with Post-Quantum Threats,” Procedia Comput. Sci., vol. 215, pp. 834–845, 2022, doi: 10.1016/j.procs.2022.12.086.
[29] V. Laxman, N. Ramesh, S. K. Jaya Prakash, and R. Aluvala, “Emerging threats in digital payment and financial crime: A bibliometric review,” J. Digit. Econ., vol. 3, no. March, pp. 205–222, 2024, doi: 10.1016/j.jdec.2025.04.002.
[30] I. Kong, M. Janssen, and N. Bharosa, “Realizing quantum-safe information sharing: Implementation and adoption challenges and policy recommendations for quantum-safe transitions,” Gov. Inf. Q., vol. 41, no. 1, p. 101884, 2024, doi: 10.1016/j.giq.2023.101884.
[31] P. Kampanakis and W. Childs-klein, “The impact of data-heavy, post-quantum TLS 1.3 on the Time-To-Last-Byte of real-world connections,” in Workshop on Measurements, Attacks, and Defenses for the Web (MADWeb), 2024. doi: 10.14722/madweb.2024.23010.
[32] P. Radanliev, “Artificial intelligence and quantum cryptography,” J. Anal. Sci. Technol., vol. 15, no. 1, 2024, doi: 10.1186/s40543-024-00416-6.
[33] M. Mehic, E. Dervisevic, P. Fazio, and M. Voznak, “Virtual quantum key distribution network ecosystem: the national Czech QKD network,” IEEE Netw., vol. 39, no. 3, pp. 173–179, 2025, doi: 10.1109/MNET.2025.3540705.
[34] Y. Jiang, “Post-Quantum Cryptography: Mathematical Foundations and Future Challenges,” Theor. Nat. Sci., vol. 125, no. 1, pp. 65–72, 2025, doi: 10.54254/2753-8818/2025.gl25401.
[35] C. G. Kinyua, “‘The impact of quantum computing on cryptographic systems: urgency of quantum-resistant algorithms and practical applications in cryptography,’” Eur. J. Inf. Technol. Comput. Sci., vol. 5, no. 1, pp. 1–10, 2025, doi: 10.24018/ejcompute.2025.5.1.146.
[36] S. Sadeghi, V. Chouhan, M. Aldarwbi, A. Ghorbani, A. Chow, and R. Burko, “Securing financial sector applications in the quantum era: a comprehensive evaluation of NIST’s recommended algorithms through use-case analysis,” Elsevier, vol. 288, no. May 2024, p. 128243, 2025, doi: 10.1016/j.eswa.2025.128243.
[37] P. Maitireni, V. Ncube, B. Ndlovu, and T. Sibanda, “Quantum computing cryptography: systematic review of innovations, applications, challenges, and algorithms,” J. Inf. Syst. Informatics, 2025, doi: 10.63158/journalisi.v7i4.1331.
[38] J. Senor, J. Portilla, and G. Mujica, “Analysis of the NTRU Post-Quantum Cryptographic Scheme in Constrained IoT Edge Devices,” IEEE Internet Things J., vol. 9, no. 19, pp. 18778–18790, 2022, doi: 10.1109/JIOT.2022.3162254.
[39] H. Shiu, C. Yang, Y. Tsai, W. Lin, and C. Lai, “Maintaining Secure Level on Symmetric Encryption under Quantum Attack,” Appl. Sci., 2023, doi: 10.3390/app13116734.
[40] F. Raheman, “From standard policy-based zero trust to absolute zero trust (AZT): a quantum leap to q-day security,” pp. 252–282, 2024, doi: 10.4236/jcc.2024.123016.
[41] S. Ahmed, A. Ahad, and S. Subhan, “Decoherence Impediments in Quantum Computing and Fundamental Challenges of Quantum Error Correction,” Asian J. Res. Comput. Sci., vol. 18, no. 12, pp. 228–239, 2025.
[42] A. B. A. Mohamed, E. M. Khalil, M. F. Yassen, and H. Eleuch, “Two-qubit local fisher information correlation beyond entanglement in a nonlinear generalized cavity with an intrinsic decoherence,” Entropy, vol. 23, no. 3, pp. 1–13, 2021, doi: 10.3390/e23030311.
[43] Z. Ye, R. Song, H. Zhang, D. Chen, C. Cheung, and K. Huang, “A Highly-efficient Lattice-based Post-Quantum Cryptography Processor for IoT Applications,” vol. 2024, no. 2, pp. 130–153, 2025, doi: 10.46586/tches.v2024.i2.130-153.
[44] G. Song, K. Jang, S. Eum, and M. Sim, “NTT and Inverse NTT Quantum Circuits in CRYSTALS-Kyber for Post-Quantum Security Evaluation,” Appl. Sci., 2023, doi: 10.3390/ app131810373.
[45] R. Azarderakhsh, M. Sadat, and A. Tehrani, “Integrating Post-Quantum Cryptography ( PQC ) with Quantum Key Distribution ( QKD ): Challenges and Considerations,” in Proc. of SPIE, 2025, pp. 1–6. doi: 10.1117/12.3055954.
[46] J. Lee, T. G. Kang, K. Cho, and D. Hyun, “New Parameter Sets for SPHINCS + ∗,” Inst. Electron. Inf. Commun. Eng., no. 6, pp. 890–892, 2021, doi: 10.1587/transinf.2019EDL8223.
[47] A. A. Moosa, “Performance evaluation of post quantum digital signature algorithms over WDM optical communication system,” J. Opt. Commun., pp. 1–21, 2025, doi: 10.1515/joc-2025-0104.
[48] J. Junquera-Sanchez, C. Hernando-Ramiro, O. Gamallo-Palomares, and J.-A. Gomez-Sanchez, “Assessment of Cryptographic Approaches for Quantum- Resistant Galileo OSNMA,” vol. 71, no. March, 2024, doi: 10.33012/navi.648.
[49] D. Fallnich, C. Lanius, S. Zhang, and T. Gemmeke, “Efficient ASIC Architecture for Low Latency Classic McEliece Decoding Code-Based Cryptography,” IACR Trans. Cryptogr. Hardw. Embed. Syst., vol. 2024, no. 2, pp. 403–425, 2024, doi: 10.46586/tches.v2024.i2.403-425.
[50] F. Raheman, “The Future of Cybersecurity in the Age of Quantum Computers,” Futur. Internet, vol. 14, no. 11, 2022, doi: 10.3390/fi14110335.
[51] L. Astrizi, Thiago and R. Custódio, “Seamless Transition to Post-Quantum TLS 1.3: A Hybrid Approach Using Identity-Based Encryption,” Sensors, vol. 24, no. 22, pp. 1–38, 2024, doi: 10.3390/s24227300.
[52] M. Abbasi, F. Cardoso, P. Váz, and J. Silva, “A Practical Performance Benchmark of Post-Quantum Cryptography Across Heterogeneous Computing Environments,” Cryptography, pp. 1–27, 2025, doi: 10.3390/cryptography9020032.
[53] T. Ngwenya and B. Ndlovu, “A Systematic Review of Post-Quantum Cryptography for Healthcare Data Protection : Performance , Readiness , and Deployment Challenges,” J. Appl. Informatics Comput., vol. 10, no. 1, pp. 134–149, 2026, doi: 10.30871/jaic.v10i1.11836.
[54] G. Surla and R. Lakshmi, Quantum Cryptography Analysis for Secure Data Communication in Multi-Core Environment, no. Icacecs. Atlantis Press International BV, 2023. doi: 10.2991/978-94-6463-314-6_20.
[55] R. T. Avireneni, “Quantum-Resilient Middleware Architecture for Secure Federated API Integration in Enterprise Cloud Ecosystems,” Eur. Mod. Stud. J., vol. 9, no. 4, pp. 700–714, 2025, doi: 10.59573/emsj.9(4).2025.67.
[56] K. Csenkey and N. Bindel, “Post-quantum cryptographic assemblages and the governance of the quantum threat,” J. Cybersecurity, vol. 9, no. 1, pp. 1–14, 2023, doi: 10.1093/cybsec/tyad001.
[57] S. Sokol, “Navigating the Quantum Threat Landscape : Addressing Classical Cybersecurity Challenges,” J. Quantum Inf. Sci., pp. 56–77, 2023, doi: 10.4236/jqis.2023.132005.
[58] N. A. Karim, O. A. Khashan, and H. Kanaker, “Online Banking User Authentication Methods : A Systematic Literature Review,” IEEE Access, vol. 12, no. January, pp. 741–757, 2024, doi: 10.1109/ACCESS.2023.3346045.
[59] E. O. Sodiya, U. J. Umoga, O. O. Amoo, and A. Atadoga, “Quantum computing and its potential impact on U . S . cybersecurity : A review : Scrutinizing the challenges and opportunities presented by quantum technologies in safeguarding digital assets,” Glob. J. Eng. Technol. Adavnces, vol. 18, no. 2, pp. 49–64, 2024.
[60] M. J. Kannwischer, P. Schwabe, D. Stebila, and T. Wiggers, “Improving Software Quality in Cryptography Standardization Projects,” in Proceedings - 7th IEEE European Symposium on Security and Privacy Workshops, Euro S and PW 2022, 2022, pp. 19–30. doi: 10.1109/EuroSPW55150.2022.00010.
[61] P. Das -, “Quantum Computing in Payments Security: Preparing for the Post-Quantum Era,” Int. J. Sci. Technol., vol. 16, no. 1, pp. 1–17, 2025, doi: 10.71097/ijsat.v16.i1.2712.
[62] M. Zhang et al., “Research on Development Progress and Test Evaluation of Post-Quantum Cryptography,” Entropy, vol. 27, no. 2, pp. 1–15, 2025, doi: 10.3390/e27020212.
[63] P. Vareta, H. Muzenda, T. Nyamupaguma, and B. Ndlovu, “The Rise of Quantum Computing and its Impact on Cybersecurity,” Indones. J. Comput. Sci., vol. 14, no. 6, pp. 10072–10102, 2025, doi: 10.33022/ijcs.v14i6.5040.
[64] S. Dahiya, Yeshwardhan, S. Pandey, D. Patel, and A. Kulkarni, “Advancing security in digital transactions using quantum cryptography,” J. Inf. Syst. Eng. Manag., vol. 10, no. 47s, pp. 36–48, 2025, doi: 10.52783/jisem.v10i47s.9214.
[65] A. Ghimire, “Quantum computing in US banking: the future of fraud prevention and financial crime detection,” Glob. J. Emerg. AI Comput., vol. 1, no. 2, pp. 31–50, 2025, doi: 10.70445/gjeac.1.2.2025.31-50.
[66] P. Rathika, S. Vidhya, T. Jayaprakash, P. Nagasaratha, C. Sincija, and L. Guangda, “Adaptive Quantum Cryptography : A Scalable Framework for Quantum – Resistant Security in Next – Generation IoT Networks,” CompSci AI Adv., vol. 2, no. 1, pp. 50–61, 2025, doi: 10.69626/cai.2025.0050.
[67] L. Velasco et al., “Scenarios for Optical Encryption Using Quantum Keys †,” Sensors, vol. 24, no. 20, 2024, doi: 10.3390/s24206631.
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Journal of Information Systems and Informatics
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors Declaration
- The Authors certify that they have read, understood, and agreed to the Journal of Information Systems and Informatics (JournalISI) submission guidelines, policies, and submission declaration. The submission has been prepared using the provided template.
- The Authors certify that all authors have approved the publication of this manuscript and that there is no conflict of interest.
- The Authors confirm that the manuscript is their original work, has not received prior publication, is not under consideration for publication elsewhere, and has not been previously published.
- The Authors confirm that all authors listed on the title page have contributed significantly to the work, have read the manuscript, attest to the validity and legitimacy of the data and its interpretation, and agree to its submission.
- The Authors confirm that the manuscript is not copied from or plagiarized from any other published work.
- The Authors declare that the manuscript will not be submitted for publication in any other journal or magazine until a decision is made by the journal editors.
- If the manuscript is finally accepted for publication, the Authors confirm that they will either proceed with publication immediately or withdraw the manuscript in accordance with the journal’s withdrawal policies.
- The Authors agree that, upon publication of the manuscript in this journal, they transfer copyright or assign exclusive rights to the publisher, including commercial rights
