UK Finance has called for the creation of a quantum taskforce to help firms in the financial sector take advantage of the “multibillion-pound opportunities” the technology can bring and guard against the risks.

The recommendation by the trade association is one of seven outlined in two new reports looking at the risks and benefits of the technology in the financial services industry.

UK Finance said the government should create the quantum safe taskforce to develop and implement quantum transformation strategies which represent all parts of the financial services ecosystem as well as national critical infrastructure.

Other recommendations made by the report include growing the quantum workforce, investing in training and understanding how other nations and private enterprises are developing quantum technology.

Additionally, the reports highlighted the opportunities that quantum computing could bring to the financial industries in eight areas. These include streamlining compliance processes, securing sensitive data and enhancing risk analysis capabilities.

UK Finance also warned that unless firms are safeguarded against the risks associated with the technology, a cryptographically relevant quantum computer (CRQC) would be able to unravel the security on all payments and electronic commerce and access secure personally identifiable information.

Without the right guardrails, it said, market instability could be driven by unequal access to the technology, while a lack of quantum talent in the UK and technological debt from legacy systems could also prove a challenge for firms.

“Quantum computing is going to transform the financial services industry, it’s just a matter of when,” said Jana Mackintosh, managing director of payments, innovation & resilience at UK Finance. “It represents a multibillion-pound opportunity, from new levels and speeds of risk analysis to radically streamlining compliance processes that currently cost the sector billions every year.”

She continued: “We cannot ignore the risks, however, and the reality that when a Cryptographically Relevant Quantum Computer is developed, it could break the encryption underpinning all payments and electronic commerce.”

The managing director called on the government and industry to “work together now” to secure the financial services industry against these threats, and put the UK at the “head of the pack” to seize the opportunities.

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