Adversaries — primarily nation-state intelligence services, but increasingly well-resourced criminal groups — are capturing encrypted traffic and stored ciphertext today, with the intention of decrypting it once a cryptographically relevant quantum computer (CRQC) arrives. Industry consensus places CRQC arrival somewhere between 2030 and 2040. The data you protect today is being collected, and the clock on its confidentiality starts now.
For a managing partner, the stake is the relationship. A client who shared an M&A negotiation strategy, an estate plan, a tax structure, or an IP filing with your firm did so on the understanding that confidentiality survives the engagement. The technical control that protects that promise — RSA and elliptic-curve cryptography — is the same control that will fail when a quantum computer arrives. The relationship does not break today. It breaks the day a client asks what you did between 2024 and 2030 to prepare, and you have no answer.
NIST's August 2024 finalisation of FIPS 203 (ML-KEM, key establishment), FIPS 204 (ML-DSA, signatures), and FIPS 205 (SLH-DSA, hash-based signatures) gives us the standards. The UK NCSC has published migration guidance. ISO 27001:2022 already expects cryptographic controls to be reviewed against current threat. What remains is governance: who in your firm owns the inventory, who signs off the migration plan, who reports to the board.