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Europol Urges Financial Sector to Prepare for Quantum Computing Risks

/in /tarafından

Europol’s Quantum Safe Financial Forum has called on Europe’s financial industry to start preparing for the potential risks posed by quantum computers, which could break commonly used encryption methods within the next 10 to 15 years. The group, which focuses on safeguarding sensitive financial data, issued a warning on Friday about the risks quantum computing poses to customer confidentiality, peer communications, authentication processes, and trust in digital signatures.

Although quantum computers capable of such threats may still be a decade or more away, the timeline could accelerate, the forum warned. Despite the emerging risks, the forum believes new regulations are unnecessary, as current European Union data protection laws are sufficient.

The Quantum Safe Financial Forum includes representatives from the U.S., European, and British central banks, along with major financial institutions such as Allianz, Santander, Barclays, BNP Paribas, Mastercard, Moody’s, and European banking associations.

Quantum computers operate by leveraging subatomic particles to perform calculations more efficiently than traditional binary computing systems. Given their potential to decrypt today’s secure communications, the forum recommended that financial institutions begin identifying which cryptographic standards are vulnerable to quantum computing and start drafting operational plans to mitigate future risks.

The forum also cautioned that criminals may already be storing sensitive encrypted data with the intention of decrypting it once quantum computing becomes more powerful.

The U.S. government has already set a 2035 deadline for federal agencies to become “quantum resistant,” underscoring the urgency for global financial institutions to follow suit.

EU to Hold E-commerce Platforms Liable for Unsafe Goods, Targeting Temu, Shein, and Amazon

/in /tarafından

The European Union is moving forward with plans to hold e-commerce platforms like Temu, Shein, and Amazon Marketplace responsible for dangerous or illegal products sold on their websites, according to a report by the Financial Times on Saturday. The new proposal includes customs reforms that would require online platforms to provide detailed data on products before they reach the EU, giving customs authorities more control over inspections and the ability to better track and regulate goods.

Under current rules, consumers who purchase goods online within the EU are considered the importers for customs purposes. However, the new reform would shift this responsibility to the e-commerce platforms themselves. Platforms like Amazon, Shein, and Temu would be required to ensure that products comply with EU safety standards, collect the relevant customs duties and VAT, and provide detailed product information before goods are shipped to the EU.

The EU also plans to create a new central customs authority, the EU Customs Authority (EUCA), which will pool customs data from the 27 member states. This new body will be tasked with screening goods and identifying potential risks before the products are even loaded for transport or physically arrive within the EU, as per the draft proposal seen by the Financial Times.

Currently, Amazon, Shein, and the EU have not commented on the matter, and Temu could not be reached for a statement. The new rules are expected to provide stronger oversight and improve consumer safety in the rapidly growing e-commerce sector.

 

Dutch Privacy Watchdog to Investigate China’s DeepSeek AI Over Data Concerns

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The Netherlands’ privacy watchdog, the Autoriteit Persoonsgegevens (AP), announced on Friday that it will launch an investigation into the data collection practices of Chinese artificial intelligence company DeepSeek. The AP expressed serious concerns over DeepSeek’s privacy policies, particularly regarding how it handles personal information.

Aleid Wolfsen, Chairman of the AP, warned Dutch users to exercise caution when using DeepSeek’s software, citing the potential risks to privacy. The agency also emphasized that personal data from European citizens can only be stored outside of Europe under strict conditions, which DeepSeek must meet.

This move comes just days after Italy blocked DeepSeek’s app over similar privacy concerns, and both Ireland and France have sought information on the company’s data processing practices. The AP revealed that it is working closely with other European Union regulators to exchange information and coordinate future actions.