Issue link: https://maltatoday.uberflip.com/i/1515299
5 INTERVIEW 1.2.2024 MELITA Limited today announced the successful use of quantum encryp- tion using equipment in a Malta first which will provide an unsurpassed level of cybersecurity. This development is part of the cut- ting-edge PRISM (Physical Security for Public Infrastructure in Malta) project, co-funded by the EU, which plans to deploy quantum-secured communication links over standard telecommunications networks, and will guarantee data security against current and future cyber threats. Melita Limited is supporting Mer- qury Cybersecurity Limited in the development of quantum technolo- gies for secure cryptography and key distribution, from quantum key dis- tribution that offers a secure meth- od for key exchange to quantum-safe cryptography that provides resilience against hacking and eavesdropping. This event marks a significant ad- vancement in the development of a nationwide quantum communication network, with equipment located within Melita's two data centres. Prof. André Xuereb, founder and CEO of Merqury Cybersecurity Lim- ited, said: "Standard encryption used today relies on mathematics to encrypt and decrypt data. Encrypted data can be copied by attackers and decrypted if they have sufficient computing pow- er, or the encryption method is weak. Quantum cryptography ensures that data can only be decrypted by parties which share the quantum keys. Addi- tionally, the data cannot be copied or viewed by a potential hacker without this being noticed." Harald Roesch, CEO of Melita Lim- ited, said, "We are delighted to have achieved another milestone in the journey towards enhancing cyberse- curity. Quantum cryptography repre- sents the future of secure data trans- mission, and we are proud to have demonstrated its potential on our in- frastructure." As part of its work in PRISM, Mel- ita is providing a network of several connections for the transmission of quantum-encrypted data on its fibre network, across Malta and eventu- ally on to Sicily, across Melita's un- dersea cable. This infrastructure will continue to serve as a crucial testing ground for validating the effectiveness of quantum security and encryption services within a functional telecom- munications network, using solutions designed by Merqury. Following today's successful demon- stration, a public showcase is sched- uled to take place tomorrow ( January 31) featuring a live demonstration of this technology operating between two sites at the University of Malta. Malta at the forefront of quantum technologies in Europe THE Malta Institute of Accountants has formalised the reconstitution of its thirteen committees and focus groups, and twenty working groups for a new two-year term, ensuring a fresh influx of expertise and perspectives within its setup, joining forces with already estab- lished members. e new committee formations, effective this January, play a major contribution in supporting the activity of the MIA and fostering pro- fessional growth and excellence within the accountancy community. To mark this renewal, a networking event was held at Villa Arrigo, attend- ed by over 160 members of these com- mittees and groups, together with MIA Council members, management and staff, creating a platform for collabora- tion and exchange of ideas in prepara- tion of the task ahead. ese committees and groups play a pivotal role by backing up the Insti- tute in shaping the industry landscape by producing technical documents, consulting with members, responding to consultation documents, organis- ing CPE events and staying abreast of proposed EU and national legislation. Together, they also play a key role in enhancing the visibility and branding of the Institute and the accountancy profession itself, while contributing to efforts intended to increase awareness about this profession among the young- er generation. e Committees cover core areas of the profession and various niches of the wider financial industry, including tax- ation, audit, sustainable finance, digital, ethics and financial reporting among others. On the other hand, the Focus Groups address the needs of specific communi- ties within the accountancy profession, including Professional Accountants in Business, Small and Medium-sized Practitioners and the younger mem- bers. Maria Cauchi Delia, MIA Chief Execu- tive Officer expressed her sincere appre- ciation towards the outgoing committee members who contributed significantly to the Institute's growth and success. She highlighted the extraordinary input of the committee members particularly by supporting the MIA in proactively putting forward recommendations and providing feedback for draft legislation as well as industry standards originating from Malta and abroad. In their previous term which came to its conclusion at the end of last year, the committees and groups totalled in ex- cess of 500 hours of meetings, produc- ing several technical documents, con- tributing to over 25 events and replying to some 25 consultation documents. She also extended a warm welcome to the new members within the Institute's committees, focus groups and working groups, acknowledging their commit- ment to the cause and emphasising the collective responsibility to drive posi- tive change within the industry. Among the key areas of work for the two years ahead, Cauchi Delia highlight- ed the commitment of the Institute to continue contributing towards the new financial services strategy as part of the activity of the Malta Financial Services Advisory Council, as well as leading its members through new realities deter- mined by changes such as sustainability reporting, changes in taxation, the ad- vent of new international standards as well as the digital transition. "Your willingness to offer your time and expertise speaks volumes about your passion for our shared mission. Working together we can bring tangi- ble change, shaping the future of the accountancy profession in Malta," con- cluded Cauchi Delia. MIA committees, working groups kick off activity for new two-year term