A situation any company should avoid. Sole members having access to information which if lost causes irreparable damage (financial or reputation) to the company. Shared knowledge and information security usually contradict each other when it comes to sensitive data, but having a fail-over method ready is key for a compromise in between.
Over $190 million in deposits have disappeared into the ether after the CEO of Canada’s largest cryptocurrency exchange, QuadrigaCX, took the password to his grave.