This Week in Quantum - June 2nd, 2023

QUANTUM FINANCE, CHINA, AND MORE

In the world of technology, HSBC partners with Quantinuum to explore the potential of quantum computing for banking, the US Treasury Department considers new rules that would restrict investment in Chinese tech, Casepoint is hit by ransomware, and scientists create anyons that could lead to more powerful quantum computers.

HSBC PARTNERS WITH QUANTINUUM

HSBC, a global banking and financial services company, has partnered with Quantinuum, the world's largest quantum computing company. The two companies will collaborate on a series of exploratory projects to explore the potential near- and long-term benefits of quantum computing for banking. Specific projects will focus on cybersecurity, fraud detection, and natural language processing.

Philip Intallura, Global Head of Quantum Technologies at HSBC, said that the bank is "excited to embark on this partnership with Quantinuum and explore the further applications of Quantum technology in the Financial Services sector." He added that the bank is "looking forward to seeing the results of our joint work and bringing long-term value to the bank." Markets Media

US TO RESTRICT INVESTMENT IN CHINESE TECH

The US Treasury Department is considering new rules that would restrict the flow of US investment and know-how into Chinese companies working on advanced semiconductors, artificial intelligence, and quantum computing. The move is part of a broader effort by the Biden administration to counter China's growing technological prowess.

The rules would target Chinese companies that are deemed to be a threat to US national security. They would also apply to US companies that are investing in or transferring technology to these Chinese companies.

The move has been welcomed by some US lawmakers and industry groups, who have long warned about the risks of China's growing technological capabilities. However, it has also been criticized by some businesses, who say it could harm US economic competitiveness. Reuters

CASEPOINT HIT BY BLACKCAT RANSOMWARE

Casepoint, a litigation technology platform, has been hit by a ransomware attack by the BlackCat ransomware group. The attack has resulted in the encryption of Casepoint's data and the posting of stolen data to a dark web leak site.

BlackCat is a relatively new ransomware group that has been active since November 2021.

The group is known for its aggressive tactics and its use of double extortion, which means that victims are threatened with the release of stolen data if they do not pay the ransom.

Casepoint is a cloud-based litigation platform that provides document management, e-discovery, and case management tools to law firms and other legal professionals. The company has over 400 employees and annual revenue of $275 million. Tech Monitor

ANYONS OFFER HOPE FOR QUANTUM COMPUTING

Scientists have created “braided” versions of quasiparticles called anyons, which could lead to the development of more powerful quantum computers.

Anyons are particles that can be linked together in a way that allows them to store information in a way that is resistant to errors.

This could make them ideal for use in quantum computers, which are still in their early stages of development but have the potential to revolutionize many fields, including cryptography, drug discovery, and materials science. ScienceNews

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