Why your assets and passwords need to be protected
More and more of our assets these days are digital. And even physical assets, such as our money, are accessed digitally, through online banking and credit cards.
With so much of our world being digital, it has become very important for us to know that these various assets and passwords are well protected against cyber attacks, identity theft, and other malicious activities.
It is painfully obvious what damage can be caused if someone gets access to our online banking or steals a password for some of our digital assets – investment portfolios or digital wallets, for example.
Not only do we want to protect our passwords and assets, but we also want to monitor and track them. It could become overwhelming trying to keep track of all this digital information, dispersed in various online systems, mobile applications, and web platforms.
How can we have a holistic view of all our digital and financial assets, such as bank accounts, insurance policies, credit cards, digital wallets, stocks, company shares, real estate, and investment wallets? How do we extend this holistic view to the various passwords for all these accounts?
Achieving this is not easy for you, the asset owner, but imagine how much more difficult it would be for your loved ones if something happened to you.
How would they be aware of all these digital and financial assets and their associated passwords? How would they know where the assets are located or how to identify and access them?
For your family, it might be mission impossible.
The good news? There are easy ways to achieve this. Let’s have a look at them.
Password Managers and Digital Vaults
Digital vaults and password managers enable people to store and organize information about their various assets and documents, as well as their related passwords.
This way, people can have a single pane of glass for their assets and passwords and, at the same time, ensure that they are well protected.
Digital vaults and password managers ensure high levels of security, including encryption of the data, compliance with security standards, and regular security audits.
Another big benefit they have is that the information which they store is available anytime, anywhere, 24/7.
Password managers and digital vaults ensure a high level of protection for the information that they store, in terms of people’s passwords and assets. But they still have one significant shortcoming. They ensure a high level of protection, visibility and transparency for the owner of the assets and the passwords, but if anything happens to the owner, family members are usually left in the dark.
Some password managers and digital vaults enable sharing with other people. While this is better than nothing, it is still far from a perfect solution.
Imagine a real-life situation where you share information about certain assets or passwords with your loved ones. What are the chances that they will remember this information 10, 15, or 20 years from now?
How will you share this information if your children are still infants? Or with your parents if they are elderly people? Or with your partner, if they are not used to dealing with digital applications?
You can see that digital vaults and password managers are well-suited for protecting your assets and passwords and ensuring visibility for you but not for your loved ones.
So what will happen with your hard-earned money, accounts and assets if something happens to you?
The multi-billion-dollar problem of unclaimed assets is an ugly and worrisome answer to that question.
The good news is that there is an easy solution to that problem.
Digital Inheritance Services
Digital inheritance services provide all the benefits of password managers and digital vaults. They enable people to protect their digital and financial assets and associated passwords. They also help people to organize the information regarding their assets and access it 24/7, anytime and anywhere.
But in addition to this, they detect fatal events that happen to the owners and proactively inform the family members who have been assigned to these assets.
This way, family members don’t carry the burden of having to remember access details. If a fatal event happens to the user, digital inheritance services proactively inform their family members about all the assigned assets and information associated with them.
This way, the family members become aware of the assets and can locate and identify them.
This stops you from worrying that your hard-earned money will stay in the online banks, trading platforms, insurance companies or other financial institutions instead of going to the rightful owners, should anything happen to you.
Digital inheritance services ensure protection and peace of mind not only for the users but also for their family members. This is a major evolution from traditional password managers and digital vaults.
And while you have all the advantages of password managers and digital vaults, you also have the benefit of a single pane of glass for organizing and tracking your digital and financial assets, related information, and passwords, with a high level of security.