Our current AES-based encryption standards are very secure from attacks using transistor-based computers that store information in bits. It would take an inordinate amount of time to break that encryption.

However, quantum computers, using qubits, will theoretically be able to perform the calculations necessary to break our current encryptions standards in under a day. When that happens, all of our encrypted data will be vulnerable. That means our businesses, communications channels, and banking and national security systems may be accessible.

Other nations are investing heavily in quantum computing technology while simultaneously using their signal intelligence capabilities to collect and store as much encrypted data as possible. While it’s useless to them now, it will become invaluable once they create a functioning quantum computer at a certain power level. Some estimates put the timeline for this at a decade or less.

In short, this is a problem that has to be fixed now. Two things must be done.

First, and immediately, we need to invest in and develop new encryption standards and systems, and immediately shift to using these quantum computing-resistant standards to protect our most sensitive data. This won’t be easy or cheap, but it is necessary.

Second, we must heavily invest in quantum computing technology so that we develop our own systems ahead of our geopolitical rivals.