A Post-Quantum Cryptography Framework for Securing Banking Communications in Iraq
Keywords:
private banksAbstract
Iraq’s banking sector has grown very fast in recent years, with over 18.5 million bank cards and electronic payments above 2 trillion IQD each month by 2023. While this growth improves financial access but it also increases exposure to cyber threats, which are rising worldwide. Iraq’s system of seven state owned and more than sixty private banks shows uneven cyber readiness, with private banks facing greater challenges. In addition, quantum computing threatens existing encryption methods like RSA and ECC. This paper analyzes Iraq’s banking cyber risks and proposes a post-quantum cryptography (PQC) model to strengthen security, support both public and private banks, and prepare for future quantum-safe standards.
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