Terepac Corporation, a Waterloo-based Internet of Things (IoT) solutions company, announced that it was partnering with the Institute of Quantam Computing and evolutionQ to incorporate quantam-safe systems for IoT. According to Terepac, it’s the world’s first company to incorporate quantum-safe tools into its systems.
By 2026, the public-key cryptography on which much of cybersecurity currently relies could be cracked and data exposed by quantum computers.
EvolutionQ, a cybersecurity company that emerged out of IQC research, will help Terepac stay ahead of the curve when it comes to cybersecurity issues as quantum computers grow in popularity. “We estimate a one-in-seven chance that, by 2026, the public-key cryptography on which much of cybersecurity currently relies could be cracked and data exposed by quantum computers,” said Michael Mosca, co-founder of IQC and CEO of evolutionQ. “By 2031, we see this likelihood closer to one-in-two.”
According to a recent report from the International Data Corporation, the global market for IoT is projected to reach $1.7 trillion by 2020, which puts Terepac in a good place right now to ensure that it systems are prepared to protect the large swaths of information collected via IoT.
“Our development path includes incorporating quantum-safe tools into our emerging Internet of Things hardware and software platforms,” said Terepac CEO Rick Asselstine. “So when the building blocks are in place for quantum computing, it will be as simple for Terepac as a software upgrade to be quantum-safe.”