The cybersecurity industry has come to the spotlight this year with Russia’s invasion of Ukraine. Russia is believed to have attacked Ukraine’s IT infrastructure just days before invading it. In addition, Uber (NYSE:UBER) recently reported a major cyberattack, prompting the company to initiate a thorough investigation into the events. These are not isolated incidents. According to security and aviation giant Leonardo, the global cost of cyberattacks eclipsed $6 trillion in 2021. It includes governments, multinational companies, enterprises, SMBs, and even individuals targeted by cybercriminals. Although cybersecurity companies have developed advanced tools to fight cyber criminals, it seems as if cyber criminals themselves are using complex, highly effective technologies to carry out these attacks. This has created an urgent need for cybersecurity companies to develop better solutions to safeguard sensitive data and systems. Furthermore, quantum computing is another significant threat to cybersecurity solutions today. Still, a few companies are leading the charge in revolutionizing the cybersecurity industry by developing solutions that address these challenges while embracing quantum computing to strengthen their products.
Quantum Computing Revolutionizes Cybersecurity
Quantum (NASDAQ:QMCO) computing uses the laws of quantum mechanics to solve problems deemed too complex to be solved by conventional computers. This field of science focuses on how nature works at minor scales. Although quantum computing may not be able to improve the performance of conventional computers in everything they do, the cybersecurity industry will undoubtedly benefit from using quantum computing in many ways. However, there is a downside risk, as quantum computing could be used to nullify the encryption technologies that are in use today.
First, quantum random number generation could be used to generate numbers and combinations that are truly unique, enabling cybersecurity software to strengthen the security measures deployed to any given network. Second, quantum key distribution can be used to share cryptographic keys in a way that guarantees security, as this mechanism can even alert users of the presence of an unauthorized third party. Third, large-scale quantum computers are believed to be able to crack today’s encryption mechanisms, such as RSA and Diffie-Hellman. It would take advanced post-quantum cryptography to protect sensitive data from vulnerabilities arising from this possibility. The growth of quantum computing, therefore, is forcing the cybersecurity industry to rethink its technologies and data encryption mechanisms.
The cybersecurity industry will have to strike a balance between using quantum computing to strengthen its product offering and addressing the vulnerabilities of current cybersecurity systems exposed by quantum computing. A few companies have emerged as frontrunners in doing this.
Companies to look out for
In light of the opportunities and threats presented by quantum computing, many tech companies have taken initiatives in the recent past to develop cybersecurity solutions that address the threats posed by quantum computing while using the same technologies to foolproof their product offering. Microsoft (NASDAQ:MSFT) is one such tech giant at the forefront of this movement. The company, in recent quarters, has highlighted the importance of developing post-quantum cryptography to build encryption systems that cannot be deciphered easily with quantum computing. The company recently launched the NIST Post-Quantum Project, inviting cryptographers worldwide to submit candidates for peer review. Microsoft is currently experimenting with four post-quantum project candidates: FrodoKEM, SIKE, Picnic, and qTESLA. With its deep pockets, Microsoft is well-positioned to spend millions of dollars in R&D investments to build cybersecurity solutions that alleviate the threat posed by quantum computing.
CrowdStrike (NASDAQ:CRWD), a cybersecurity company that protects sensitive data on cloud networks, is another company to look out for in this space. The company offers intelligent threat detection solutions and Zero Trust identity protection for its clients and is working on developing quantum-safe encryption algorithms. With many businesses moving to the cloud amid the rising popularity of hybrid work, CrowdStrike, focusing on cloud networks, is likely to emerge as a big winner in developing quantum-safe cybersecurity solutions.
Fortinet (NASDAQ:FTNT), a cybersecurity company based in the United States, provides automated cybersecurity solutions that offer 360-degree protection for sensitive data and networks. The company recently decided to support Singapore’s National Quantum-Safe Network project to promote security solutions that negate the threat posed by the rise of quantum computing. Fortinet is already distributing quantum-safe VPN solutions, and the company remains committed to protecting customer data using advanced technologies with low failure risk.
Hub Cyber Security (TASE:HUB) is another company to look out for in the cybersecurity space. The company’s confidential computing solutions are some of the only “quantum-ready” solutions. HUB is already partnering with QuantLR to develop a quantum security solution for the Israeli Ministry of Defense and other high-end customers such as government entities and multinational organizations. This year, the company has agreed to merge with SPAC Mount Rainier Acquisition Corp. (RNER) and is already collaborating with private and government entities in Israel and other key markets to deploy cybersecurity solutions that address the threat quantum computing poses.
Zscaler (NASDAQ:ZS), another cloud security company that serves clients worldwide, is worth monitoring as the company’s Secure Services Edge architecture is being developed to fight the risks brought on by quantum computing. The company is considered a leader in the zero-trust security space. It offers private access solutions designed to provide safe access to managed applications hosted on both the private and the public cloud.
Conclusion
The rise of quantum computing offers opportunities and challenges for the cybersecurity industry. As a result of this, the industry is changing dynamically today. Both established and young companies are developing solutions to protect sensitive data from the risks posed by quantum computing while making the most of this advanced technology. These companies are likely to gain lucrative financial rewards in the long run.