N. B. company raises $16 million to protect country against quantum computer attacks
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B. company raises $16 million to protect country against quantum computer attacksPublished Aug 16, 2026•Last updated 1 hour ago•4 minute readYou can save this article by registering for freehere. Orsign-inif you have an account. Lastwall's headquarters in Fredericton is growing following a $16 million investment to expand operations in Canada. Photo by SUBMITTEDA $16 million investment is helping a New Brunswick cybersecurity firm protect Canadians from advanced quantum cyberattacks before they exist. Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the e-Edition, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalism and the next generation of journalists. Subscribe now to read the latest news in your city and across Canada. 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Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsKarl Holmqvist, founder and CEO of Lastwall, said it is expected there will eventually be a quantum computer large enough and capable of running an algorithm that can break the current type of cryptography used to protect the country’s digital systems. “It means that all the things we do online, from banking to running power plants to controlling water systems and parts of a hospital, all of those things could become susceptible to an attack,” he said. “My point of view is I really hope it’s a long time (before these attacks are possible), but I think it’s coming faster than people think. ”The federal government’s Communications Security Establishment Canada is aware of the threat quantum computers present, according to spokesperson Janny Bender Asselin. Bender Asselin said activities vital to everyday lives, including commercial and financial transactions, government service delivery, critical infrastructure, and national defence and security, rely on cryptography to remain secure. A clear and concise roundup to start your weekday morning. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Morning Email Telegraph-Journal will soon be in your inbox. We encountered an issue signing you up. Please try again“While current quantum computers are not yet capable of breaking modern encryption, experts assess this capability could emerge in the 2030s. As a result, organizations must invest in quantum-resistant technologies to safeguard sensitive data and systems,” she said. Both Bender Asselin and Holmqvist said while there aren’t quantum computers right now capable of these kinds of attacks, work is already underway to capture data. Holmqvist explained there are “store now, decrypt later” campaigns occurring, which involve cybercriminals capturing encrypted data and storing it until they have the capability to break it. “That’s a problem when you have secrets that you need to remain secret,” he said. “This is not a situation where we should wait to upgrade. We should be taking action now. ”That’s just what Lastwall is doing, said Holmqvist. Its platform uses credentials like face scans and fingerprints, which Holmqvist said are more secure than two-step authentication procedures, including sending a code to a phone number, which can also be breached. By using someone’s legitimate credentials to attack a system, Holmqvist said a system may not be tipped off. “If someone is breaking into your house and they smash the window, your alarm system goes off. If they have the key to the front door and the alarm code, the alarm systems don’t go off,” he said. Investing in sovereign capabilitiesThe government has announced a phased approach to adopting post-quantum cryptography across federal departments and agencies. This approach sets 2031 as the target date for completion of migration of high-priority systems. Bender Asselin said the plan also focuses on investing in sovereign capabilities, Canadian industry, and emerging technologies. She said the government is supporting innovation in areas such as quantum technologies, creating opportunities for Canadian companies and talent to contribute to the future of security and defence. ”“The Government of Canada is taking steps to strengthen national resilience by expanding domestic capabilities and diversifying the supply and procurement of cryptographic technologies. ”This approach will help secure critical infrastructure, support digital sovereignty, and reduce reliance on any single source, while maintaining interoperability with allies, according to Bender Asselin. As the country narrows its focus on its sovereign capabilities, Holmqvist said it makes sense for Canada to build some of the key pieces of the technologies that power its economy. “We want to make sure we are capable of standing on our own two legs here in Canada,” Holmqvist said. He said Lastwall’s identity-first security platform is already protecting users from today’s problems and future quantum attacks in the United States. In 2017, three years after its launch, Lastwall partnered with the U. S. Department of Defense and Defense Innovation Unit. Following a funding round announced in May, they are now focusing on bringing their platform home to Canada. In May, Lastwall announced a $16 million investment round led by the Business Development Bank of Canada, a Crown corporation, through its StrongNorth Fund. This included participation from the New Brunswick Innovation Foundation, which, according to the announcement, made the largest single investment in its history. Through the funding, Holmqvist said Lastwall is expanding its Canadian workforce with the hiring of engineers and sales and marketing professionals. With its headquarters at the Cyber Centre in Fredericton, Holmqvist said some of that growth will be within New Brunswick. “I think we have about 15 open roles right now in Fredericton and we will be continuing to build and grow,” he said. When it comes to which sectors the platform is best suited for, Holmqvist said Lastwall’s platform has the power to protect industries the country needs to ensure are secure, including power, water and critical manufacturing. Holmqvist said the “zero-trust” system ensures the platform knows who someone is before allowing them to access a system. “We live in a new era now, and we need to be more resilient,” he said. “You want to make sure only the right people get in. ”Join the ConversationNew BrunswickNew BrunswickMoncton to MiramichiNew BrunswickCity hallThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more aboutcookies here. 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