The rapid advancement of quantum computing and artificial intelligence threatens to undermine cryptographic systems, a security threat industry urgently needs to prepare for, a digital asset custody expert said Monday.

Felix Eigelshoven, managing director and the head of Asia-Pacific at DFNS, a digital asset banking platform, gave a speech under the title "The Quantum Threat to Digital Assets: Will What You Hold Today Still Be Safe in 10 Years?"

at the World Digital Assets Forum held at The Grand Lotte Seoul.

According to Eigelshoven, the security threat extends well beyond blockchain, as financial institutions, telecommunications companies and other industries rely on cryptographic signatures to authenticate transactions and secure digital assets.

Smaller companies have also made considerable advances in building quantum computers," Eigelshoven said.