Sometimes the cost of a lost password is the time it takes to reset it. And sometimes the cost is $190 million.
Gerald Cotten, 30-year-old founder of cryptocurrency exchange Quadriga, passed away unexpectedly in India two months ago. His tragic death is not only affecting his friends and family, but also impacting 100,000+ Quadriga clients. It was announced earlier this week that the exchange’s “cold storage” password—the only way to access $190 million of customers’ cryptocurrency funds—was not shared with anyone else on earth.
This lost password is likely going to end up costing Quadriga’s clients everything in cold storage. Why? Because cryptocurrency can’t be recovered if the private key—or password—is forgotten or lost.* Even if your passwords don’t protect $190 million in assets, they still protect information that could be valuable to loved ones should anything unfortunate happen.
For example, your passwords protect critical accounts, like your:
- Bank accounts
- Other financial services
- Social media
Dashlane’s Emergency feature puts you in control
A lesser-known feature of Dashlane’s password manager app is the Emergency feature. It’s super simple to setup and can save you or your loved ones time, money, and frustration during difficult times.
With Emergency, you can assign a contact of your choosing the ability to access some or all of your passwords during an emergency.
For example, my wife and my brother are both assigned contacts for my personal Dashlane account. In the event that I’m incapacitated by illness, injury, or death, one or both of them would be able to access the critical accounts I’ve designated through Dashlane.
The Emergency feature is especially useful because it puts you in full control of the data you share with your Emergency contact(s). You can also revoke or block access at any time.
Ready to try it out?
You never know when you may need to give someone access your Dashlane data. Choose one or two people you trust and add them as Emergency contacts today.
*It’s important to note that we do not recommend storing the private keys to cryptocurrency funds—or your Dashlane Master Password—in Dashlane or any other internet-connected device.