Everyone is cautioned against writing down passwords but in this instance, following that advice has proved to be problematic. The owner of Canada’s cryptocurrency exchange died unexpectedly – and with the password located only in his head. As a result, nearly $190 million is inaccessible to customers.

Quadrigacx founder Gerald Cotton took advanced security measures and protected the currency on encrypted computers with precautions against hacking. So far, they are working – much to the dismay of experts trying to reach the funds.

The dilemma highlights the problem of only one person knowing anything. While it is wise to have safeguards and layers of security, there should also be a backup plan should someone suddenly become incapacitated. I doubt that only one person knows the combination to the safe that holds the secret formula for Coca-Cola or just one guard that can access Fort Knox.

Safe means secured, but not just in one person’s brain. Make sure your secrets are safe with at least one other someone.

The safe at the World of Coke in Atlanta

 

 

 

 

About the Author leadership dots by dr. beth triplett

Dr. beth triplett is the owner of leadership dots, offering coaching, training and consulting for new supervisors. She also shares daily lessons on her leadershipdots blog. Her work is based on the leadership dots philosophy that change happens through the intentional connecting of small steps in the short term to the big picture in the long term.

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