"Safe Deposit Boxes Aren’t Safe" -New Yotk Times
Couldn't help but compare the relatively safety of safe deposit boxes and cloud storage when I read this article.
Some key points:
- The victims understanding and contract was the only way the safety box could be opened is when the owner, later victim, and a bank employee turned separate keys. (sound familiar?).
Yet, millions of dollars worth of watches, money, etc simply turned up missing one day. Seems, there was a dispute with another customer and "by mistake" the innocent owner's box was opened (lock drilled), looted for some of the property and the rest sent off to storage. He did get some of his $$$property back after a very long battle with the bank.
-A woman put millions of dollars worth of jewels and cash in a safe deposit box. Then one day, the bank closed and over $7 millions worth of property simply turned up missing. The box was drilled, the bank torn down, her possessions sent off to storage. All kinds of rules and laws were violated which the bank simply addressed by declining comment. After years of court wrangling she was awarded $4.5 million compensation.
-Even otherwise worthless papers like the deed to the house and family pictures can turn up missing with little or no explanation or recourse.
-The rental agreements put strict limits on losses, usually a few thousand dollars. The entire contract favors the bank.
So many parallels to storage in the cloud. Who has the key(s)? Who can access the data regardless of who has the key? What if the cloud business changes hands or simply goes out of business, what about the data? What does the contract say? What legal protections are available for cloud data, if any? What safety precautions are in place? Does it really matter to the cloud owner?
Frankly, I wouldn't store anything of personal or monetary value in a safe deposit box or the cloud ever, let alone pay someone to do it.
Even your collection of 8,000 cat pictures aren't safe because one day the bank or cloud owner may simply lose track of them without explanation and you have little to no recourse.
Conversely, it seems renting cloud storage might be lucrative field because the law, rules, technology, politics and culture are all in the owner's favor.