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

I'm the chief connector at leadership dots where I serve as "the string" for individuals and organizations. Like stringing pearls together to make a necklace, "being the string" is an intentional way of thinking and behaving – making linkages between things that otherwise appear random or unconnected – whether that be supervising a staff, completing a dissertation or advancing a project in the workplace. I share daily leadership dots on my blog to provide examples of “the string” in action. I use the string philosophy through coaching, consulting and teaching to help others build capacity in themselves and their organizations. I craft analogies and metaphors that help people comprehend complex topics and understand their role in the system. My favorite work involves helping those new to supervision or newly promoted supervisors build confidence and learn the skills necessary to effectively lead their team.

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