• Joe Vandervest

If you disappeared, would your online accounts be locked?

We all increasingly rely on digital and websites for storing financial and other key information for our business and personal lives.

Have you thought about what happens to your company data if you were to suddenly disappear or pass away? You may want to spend a few minutes thinking about it and plan for it. Why?

Here's a real life nightmare both for the company and its customers.

Read about a Block-Chain company faces a MAJOR crisis caused by the sudden unexpected death of it's Founder:   https://gizmodo.com/crypto-exchange-says-it-cant-repay-190-million-to-clie-1832309454

Canadian crypto exchange QuadrigaCX says it cannot repay most of $190 million in client holdings after its 30-year-old founder Gerald Cotten, the only person who knew the passwords to its “cold storage,” unexpectedly died in India in December 2018, Coindesk reported on Friday.

There are many possible ways to plan for this. These can range from ensuring you and another trusted individual have access to key accounts to filing and storing key passwords with a third party. You may have an envelope with key passwords written down - stored in a lock box at your bank - and the key available only to certain people. You may have a master password stored and given to your lawyer for distribution to key individuals, you may even have a long master password written into your personal legal documents.

Large companies may have special systems for managing this - but small companies, well the challenges you face can be very different. You may need to come with a a solution that works for you.

I'd encourage everyone to think about this. Devise a method that works for you and your company or family. Be sure a trusted someone knows about it.