Security

Top Brazilian Bank Pilots Privacy Encryption Quantum Computers Can’t Break

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More than 5,000 publicly disclosed data breaches and billions of personal records exposed. Hacking attacks and deliberate data exfiltration by insiders leading to leaks of sensitive financial, medical and government information. That’s only in 2019, globally — despite the data often being encrypted.

But one of the top banks in Brazil wants to avoid such a disaster. For the past year, Banco Bradesco S.A., one of Brazil’s biggest banking and financial services companies, has been working with IBM Research to apply encryption techniques of the future. The idea is to secure data in a novel and totally inpenetrable way, so much so that even a quantum computer wouldn’t be able to get to it— using an type of cryptography which was first suggested by mathematicians in the 1970s called homomorphic encryption.

Having encrypted real banking data, the scientists demonstrated secure machine learning-based predictions. They presented the results this week at the IACR Real World Crypto Symposium 2020 in New York City.

Read the full story on Medium.

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