Westpac has upped its stake in quantum cybersecurity outfit QuintessenceLabs to 16 percent as it seeks to reduce the risk of identity theft and customer data breaches, as well as improving privacy.With this in mind, QLabs will provide Westpac and its
global technology partners with quantum cybersecurity measures, along with
advanced management systems.
The cybersecurity outfit is already working with Westpac on projects including
leveraging the bank’s big data and finding new ways of protecting information
stored in the cloud.
According to QLabs CEO Vikram Sharma, the company is also strengthening the
protection of sensitive documents that the bank maintains.