Resilience Analysis of Clearing and Settlement Systems Under Quantum-Enabled Cybersecurity Threats

Abstract

Clearing and settlement systems are the hidden core of global finance. They make sure trades are finalized, payments are delivered, and counterparty risk is controlled between large institutions. As quantum computing develops, these systems face new cybersecurity risks, especially against the cryptography that protects messages, keys, and digital signatures.

In this project, I develop a resilience analysis framework for clearing and settlement systems under quantum-enabled attack scenarios. The framework maps technical components, operational dependencies, and cryptographic touchpoints, and then studies how quantum attacks—such as harvest-now-decrypt-later strategies, breaking public-key schemes, or tampering with validation messages—could spread through the system. Using ideas from financial market infrastructure regulation and quantum security research, I identify pressure points where cryptographic failure could trigger liquidity shocks or settlement delays.

Based on these findings, I outline a layered defence model that combines post-quantum cryptography, cryptographic agility, real-time monitoring, and strong governance and incident-response planning. The main goal is to keep transaction finality, data integrity, and market stability even when quantum-capable attackers appear. The project offers practical guidance for central banks, clearing houses, and payment processors preparing for a quantum-resilient financial ecosystem.