Banks are cautiously preparing to implement new encryption algorithms that will protect against hackers using quantum computing to crack their code. But experts warn they potentially need to stump up astronomical sums to raise their cyber defenses against the developing threats. If they don’t, then current cryptography could be obsolete within five years, according to some estimates.

Andersen Cheng, who worked on JP Morgan’s response to the ‘millennium bug’ in 2000, says the bank spent $286