Lost password costs business US$190m

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We know passwords are good at locking up sensitive and valuable information but they can create problems when not managed properly.

Quadriga CX, a Vancouver based cryptocurrency exchange is facing bankruptcy after the founder and CEO Gerry Cotten suddenly passed away from complications of Crohn’s Disease.

For the company and creditors this is devastating as Cotten was the only holder of the passwords for the company’s “cold storage” of bitcoins. Without access to the businesses reserve funds, the company has no choice but to declare bankruptcy.

This highlights the business and personal risk of a single point of failure. If you are the only person with access to a particular business system, you should consider sharing the authentication or access details with a trusted person.

For any business, keeping authentication details safe is important but equally important is making sure that access to authentication is not vulnerable to a single point of failure.

Consider a password vault that is secured with two factor authentication and accessible by at least 2 trusted parties.

I use and recommend Lastpass for password management as it not only keeps your passwords locked up but also has a facility to provide authorised people access to the vault with one-time passwords in case you are not available.

To take a look at Lastpass click here.

Disclaimer : I receive benefits for sharing Lastpass in the form of additional subscription time. It is not much but I believe it is one of the best Password managers out there with a solution to suit everyone.

 

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