Partner Edd Cavanna has been featured in The Banker, a Financial Times publication, Fintech Finance News, Financial IT and Finextra, discussing the increase in patent filings for quantum-resistant and post-quantum cryptography technology.
His commentary highlights how hackers may be able to use quantum computing to gain access to banks’ datasets, a big concern for consumers’ safety, and patenting preventative technology could give banks a significant competitive edge.
Read the extended press release below
- Quantum computers could easily crack consumers’ banking passwords
- 120 patents aimed at protecting cryptocurrencies from quantum computing attacks, up 20% from 100 the previous year
- Quantum computers could be commercially available in the coming years
Banks and tech companies filed 1,455 patents for technology to prevent hackers from using quantum computing to intercept consumer’s bank transactions and steal their passwords in the year to 31 March 2026, shows new research by leading intellectual property law firm Mathys & Squire*.
It is expected that quantum computers will be able to crack many consumers’ banking passwords, as they perform exponentially faster than today’s computers. Quantum computers will be able perform tasks in hours that would take today’s most powerful computers thousands of years**.
Some experts believe quantum computers could be commercially available within the coming years, potentially enabling hackers to break into consumers’ bank accounts and cryptocurrency wallets.
Bank of America (47 patents), Wells Fargo (44), JP Morgan (12) and Mastercard (9) are among the top patent filers of ‘quantum-resistant’ or ‘post-quantum’ cryptography technology. Many of the technologies filed are designed to prevent hackers from intercepting consumers’ transactions and stealing their personal data.
Edd Cavanna, Partner at Mathys & Squire, says: “The looming threat of quantum computing is fuelling a race to develop and patent technologies that can protect consumers.”
“Developing quantum resistant technologies could give banks a significant edge over competitors. Quantum computing could make most of today’s security systems obsolete, and no real alternative has been found yet.”
“If robust security systems aren’t developed before quantum computers are rolled out, consumers’ savings would be exposed to criminals who could simply break into their bank accounts and take their money out.”
“This is not a remote risk. Some of the world’s largest banks and financial institutions are now involved in finding solutions.”
Edd Cavanna says cryptocurrencies are particularly vulnerable as they are built on traditional encryption methods that might not resist a quantum computing attack.
In the year to March 2026, 116 patents were filed for patents relating to protecting cryptocurrencies against quantum attacks, up 20% from 97 the previous year.
Examples of the ‘quantum-resistant’ technologies patented last year include:
- A system that creates unique, randomised passwords for each financial transaction to be approved, reducing the risk of them being intercepted
- A smart bank card that can update its own security software, allowing it to use better post-quantum technology as it becomes available
- A centralised system allowing individual cryptocurrency holders to add multiple, changing layers of encryption to their crypto wallets
- A system that uses AI to create different versions of people fingerprints for them to authorise transactions
* The research considers patent applications published between 1 April 2025 and 31 March 2026
** IBM article (02/04/26): What is quantum computing?
