Canadian organizations expect quantum computing to go mainstream by the end of the decade, but most need to step up investment to reap the benefits and manage the risks: KPMG

The case of Quantum (CNW/KPMG LLP Group)

The vast majority plan to invest, but just half are actively preparing for its arrival or have fully assessed the risks

TORONTO, May 31, 2023 /CNW/ – Six out of 10 (59 percent) Canadian organizations expect quantum computers that can solve problems exponentially faster than regular computers to go mainstream by 2030, finds new research from KPMG in Canada. Though most believe the technology is coming, just half (53 percent) say they are preparing for his arrival or have fully evaluated (55 percent) the risks associated with their organizations.

The case of Quantum (CNW/KPMG LLP Group)

The case of Quantum (CNW/KPMG LLP Group)

“Quantum computing may be the biggest revolution since the beginning of modern computing,” he says Alexander RauKPMG partner in of Canada cybersecurity quantum risk practice. “Quantum early adopters could unleash a huge advantage in data processing and analytics over their competitors in the marketplace.”

Quantum computers can analyze an almost infinite number of possible solutions to a problem to find the most viable one, says Rau. “Quantum computing will improve and accelerate artificial intelligence (AI), manufacturing processes, drug and chemical development, weather forecasting, and financial modeling, among other things. For companies to realize their full potential and benefits of quantum computing, they need to start strategizing, planning and investing now.”

KPMG inside Canada surveyed 250 large 90-inch companies Canada and 160 in the US and discovered it while alone 17 percent of Canadian companies have made quantum investments to date, well 85 percent plans to do so within the next five years.

When asked what kinds of problems they were trying to address with quantum computing, nearly a quarter (23 percent) of respondents are considering it to improve business practices, such as manufacturing, logistics and distribution, 19 percent to improve their safety, e 18 percent they need to improve their AI skills.

Main results of the survey:

  • 59 percent of large Canadian companies expect quantum computing to go mainstream by 2030 (vs. 78 percent of US companies interviewed), while 31 percent not sure about the timing (vs. 16 percent of US companies)

  • 53 percent are preparing for the arrival of quantum computing (80 percent of US companies)

  • 55 percent have fully assessed the risks associated with quantum computing (73 percent of US companies)

  • 85 percent have already invested in quantum or plan to do so within the next five years:

  • 16 percent are currently using quantum computing or quantum computing simulators (41 for percent of US respondents)

  • 30 percent are currently designing quantum computing strategies and evaluating them in some areas (26 percent in the United States)

decipherable codes

While Canadian organizations recognize the potential of quantum computing, they are also concerned about the risks, with 56 percent stating they are “extremely concerned” about the potential of quantum computers to break data encryption and six out of 10 (59 percent) believing that “it’s only a matter of time” before cybercriminals start using quantum to decrypt the most common cybersecurity protocols.

Despite these concerns, only a quarter of organizations are prepared for the potential threats posed by quantum computing. Four out of ten (39 percent) they say they are not prepared while 37 percent I’m not sure.

“Organizations need to understand that hackers and cybercriminals will rapidly use quantum to crack encrypted data. If an organization does not focus on developing its defenses now, it will be at risk of mega-data breaches that will result in major losses , reputational damage and possibly lawsuits,” says Rau.

KPMG survey finds six out of 10 (62 percent) say they need to better assess their company’s security to ensure their data remains secure, while nearly half (48 percent) fear that their organization will wait until quantum technology has matured before doing anything about it.

“Current encryption standards that would take many years for a traditional computer to crack will take less than a day for a quantum computer to decrypt,” he warns. Feite KraayDirector IBM Alliance, KPMG in Canada. “It is important that as companies invest in and adopt quantum computing solutions, they also evaluate potential vulnerabilities and establish an action plan for their data protection infrastructure.”

Other highlights:

  • 39 percent are not prepared for the potential threats posed by quantum computing, (61 percent of US companies) and another 37 percent are undecided (vs. 16 percent of US companies)

  • 56 percent of Canadian companies are “extremely concerned” about the potential of quantum computers to break data encryption (versus quantum computers). 67 percent of US companies)

  • 59 percent say “it’s only a matter of time” before cybercriminals use quantum computing to decrypt the most common (vs. 73 percent of US companies)

  • 57 percent they are “extremely concerned” that cybercriminals are using quantum computing to decrypt even the most sophisticated (versus the most sophisticated) encryptions. 68 percent of US companies)

  • 62 percent they say they need to do a better job assessing their company’s security to ensure their data stays safe (vs. 81 percent of US companies)

  • 48 percent they worry that their organization will wait until quantum technology has matured before doing anything about it (vs. 64 percent of US companies)

For more insights into quantum computing, visit KPMG’s blog series by Alexander Rau AND Feite Kraay:

Canada: In the qubitverse – KPMG Canada
Gets Worse Before It Gets Better – KPMG Canada
It all ends online – KPMG Canada
Breaking the Law – KPMG Canada
Slow and Steady Wins – KPMG Canada

About the KPMG Canada Survey

KPMG inside Canada researched the opinions of 250 companies in Canada and the United States on quantum computing and artificial intelligence (AI) between February 21-26, 2023, using Sago’s Methodify online research platform. Of the 250 companies, 90 are based in Canada and 160 are in the United States. The majority of respondents included information technology directors, CEOs/business owners, and executive/senior vice presidents. 55% of companies are private and 45% are listed on the stock exchange. The companies surveyed have annual gross revenues between 500 million dollars and beyond 50 billion dollars.

About KPMG at Canada

KPMG LLP, a limited liability company, is a Canadian owned and operated full-service accounting, tax and advisory firm. For more than 150 years, our professionals have provided consulting, accounting, auditing and tax services to Canadians, inspiring trust, empowering change and driving innovation. Guided by our core values ​​of integrity, excellence, courage, together, for the best, KPMG employs more than 10,000 people in over 40 locations worldwide Canada, serving public and private sector clients. KPMG is consistently ranked as one of of Canada top employers and one of the best places to work in the country.

The company is established according to the laws of art Ontario and is a member of KPMG’s global organization of independent member firms affiliated with KPMG International, an English private limited company. Each KPMG company is a distinct and separate legal entity and describes itself as such. For more information, see kpmg.com/ca

KPMG Logo (CNW Group/KPMG LLP)

KPMG Logo (CNW Group/KPMG LLP)

SOURCE KPMG LLP

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