As we already know, with the rising power of machines and new technologies like quantum computers today's methods of encryption might be much faster to crack in the future.
With locally saved data you could always safely erase it and write it again with a stronger encryption method.
However, I'm wondering what will happen to network traffic or other encrypted data that might be accessed publicly. If an attacker captures network traffic or a copy of other data today, will it be likely that in some years they can revise and decrypt this data? Doesn't this mean that today's encryption protects us only for now and in future attackers could find out everything about the past when they had been able to gather encrypted data? What strategies exist for mitigation?
I want to apologize in case I am making wrong assumptions. IT security is not my expertise.