Current cryptographic algorithms used in the payments industry are coming under increasing threat due to developments in cryptoanalysis that may require a substantial response at industry level within the next decade.
Whilst the threat is recognised and work is underway at the international level, the ECSG are undertaking their own review to understand the implications for payments in Europe. This work includes identifying any actions the ECSG could undertake to minimise the potential impact to the industry.
The migration effort to support new cryptographic algorithms on the payments infrastructure is major, and so the ECSG, with EMVCo's collaboration, took on the task to look into potential migration strategies. As a result of this investigation, the ECSG has produced in H1 2020 an initial evaluation of the available strategies that is published here.