Worried About Online Banking? The Government of Canada is Investing in National Security Technology in Outer Space

Looking for some reassurance that your data is in good hands? Maybe this will help.

This week the Canadian Space Agency announced that it’s partnering with Waterloo’s Institute for Quantum Computing (IQC) to protect and enhance Canadians’ electronic communications using outer space.

What does this mean?

According to expert estimates, in about 10 to 20 years it will be easy to hack into just about anything.

The encryption codes used by today’s computers will be simple enough for high-performing quantum computers to decode, making the encryption technology we use pretty much obsolete.

Related: iTunes Gift Card Payments: Yes, It’s Another Phone Scam

But we’re preparing for this problem. The Canadian Space Agency (CSA) is awarding $1.5 million to the University of Waterloo’s Institute for Quantum Computing (IQC) for a specific project.

The Institute will build something called the Quantum Encryption and Science Satellite (QEYSSat), which will work to protect the communications and data of Canadians both on Earth and in space. High tech.

According to a report put out by CSA, current quantum encryption technology, called quantum key distribution, relies on ground fibre optic cables and is limited to a distance of 200-kilometre.

A future QEYSSat mission would distribute data between a satellite and a grounded network as a way to overcome the distance limits.

The goal, experts say, is to create unbreakable security codes and to highlight Canada’s position as a world leader in the emerging market for quantum technology.

So bank away…at least for a while. Sounds like a big project.

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