Quantum computing breaking past the labs of tech giants is not imminent. That moment probably won’t come in the next ten years, but that’s a frightfully short time considering its security implications.
Encryption will be vulnerable in the face of quantum computing. This is especially true for data encrypted by older asymmetric keys, which are shorter (256 bits, 1024 bits, etc) than today’s standard 2048-bit encryption keys. Lots of data was encrypted with these relatively short keys, so anyone who saves this data today may be able to reveal it rather easily in a few years. We already know of specific institutions and even countries storing massive amounts of such encrypted data with the intent of revealing it at some point in the future.