In July that year, NIST selected four encryption algorithms to become part of the agency’s post-quantum cryptographic standard. At the time, Secretary of Commerce Gina M. Raimondo welcomed the announcement, hailing it is “an important milestone in securing our sensitive data against the possibility of future cyberattacks from quantum computers,” and saying, “Thanks to NIST’s expertise and commitment to cutting-edge technology, we are able to take the necessary steps to secure electronic information so US businesses can continue innovating while maintaining the trust and confidence of their customers.”

Three of the four algorithms — CRYSTALS-Khyber, CRYSTALS Dilithium, and SPHINCX+ — have already been standardized and are expected to be ready for use this year 2024, a NIST announcement last year said. That now looks set to happen by July. A draft standard for FALCON, the fourth algorithm, will be released in about a year, the announcement had added.

Companies seeking or holding federal contracts will need to comply with these standards by 2035, with those working in the most sensitive areas required to adopt them earlier, the Bloomberg report said. “It’s in companies’ own interests to be leading the way there,” Neuberger was quoted as saying in the report.