As the threat of quantum computing breaking current encryption codes looms large, the National Institute for Standards and Technology (NIST) is stepping in to set a standard to help organizations bolster their cybersecurity defenses. In July, NIST will unveil three encryption algorithms deemed robust enough to safeguard data from the evolving capabilities of quantum computers. 

The risk that is especially keeping government officials up at night is that quantum computers could facilitate threat actors breaking the security algorithms that currently protect most information technology and communication systems. The date that this “cybersecurity Armageddon” could happen is sometimes referred to as “Q-Day” or even “Y2Q” harkening back to “Y2K” or the “millennium bug” but with the potential to cause much more serious consequences.

It's anticipated that companies engaging in business with the US federal government will be required to adopt these NIST encryption algorithms to ensure the security of their data, but the exact timing of those mandates is still uncertain. In the meantime, federal agencies could receive guidance on assessing critical systems based on the NIST standards.  Staying informed about these upcoming standards, being prepared to assess against them, and being proactive in implementing them can help organizations stay ahead of potential Q-Day threats and government contracting requirements.