"Current research shows that at some point in the not too distant future, when quantum information science matures and quantum computers are able to reach a sufficient size and level of sophistication, they'll be capable breaking much of the cryptography that currently secures our digital communications," a senior administration official said.
No it doesn't.
Let me explain.
Yes, it is absolutely true that if and when quantum computing expands sufficiently it will be able to trivially break existing cryptography, defined as "can break it within the time that doing so is useful."
Today that's not true; all cryptography can be broken, but the time required with modern ciphers is long enough that even with wild increases in capacity and/or parallel construction of the attempt you wind up with the information being useless (and you being worm food) long before you succeed. Quantum computing "threatens" to upset that timeline, basically.
Key word here: threatens.
It is simply not in evidence that it will actually happen, however, and the reason is this: As Google and others have discovered, there's an error rate in qbit operation and there is no known way to correct for it. In other words just as cosmic rays cause random errors in DRAM memory, and thus server often use ECC chip sets in order to either correct or detect the corruption, and thus prevent it from being incorporated, quantum computing also takes such errors and there is no known way to interdict it.
Worse, the error rate appears to expand with density so an actual practical quantum computer produces gibberish.
Yes, the "demonstration" units do work. Sort of. But the error rate, because of the above, means that it not a matter of simply adding more density and working on that problem until you reach something that can do useful work as opposed to being someone's very expensive science project. Nope.
And while Google thinks they have figured out how to suppress the error rate that's a "belief" and not a proved fact, mostly because the density required to prove it works "at scale" doesn't exist.
Yes, people will continue to work on this because its cool and, if the problems can actually be solved then a number of other scientific investigations become quite-reasonable to undertake where today they're not.
But don't get your dander up that modern cryptography is about to get flushed down the toilet.
Maybe, some day, it will.
But not tomorrow.