Quantum Computing Inc's stock took a dive on Tuesday, plummeting 5.03% amid growing investor concerns over the potential threats quantum computing could pose to current encryption standards and data security.

Experts have warned that advanced quantum computers like Google's recently unveiled Willow chip could be capable of cracking high-level 256-bit encryption in mere minutes or even seconds. This has raised alarms about the need for businesses and governments to swiftly transition to quantum-proof "post-quantum encryption" methods in the next few years before quantum computing renders existing encryption obsolete.

There are also fears that malicious actors may already be hoarding encrypted data en masse in a "store now, decrypt later" strategy, banking on the ability of future quantum computers to easily break through current encryption defenses. This emerging reality has cast a cloud of uncertainty over companies operating in the quantum computing space, such as QUBT and its subsidiary Qanapi, which is partnering with tech giants like Google to develop quantum-resistant encryption solutions.