Forgetting your password is usually not a big deal. Unless....

When I forget my password I can usually reset it and get back to where I was.  Of course, before I get access I am nervous that its not going to work. And there may be times (its never happened to me) where one CANNOT get back access and are locked out permanently.  There ARE times when getting back access is REALLY IMPORTANT.

So the perfect storm would be: 

a) You forget your password, and

b) You  CANNOT get it back so you are perm locked out, and

c) Its REALLY important to get access.

I don't know how common it is, but here is an example of the perfect storm

a) Prime Trust, a fintech startup company specializing in cryptocurrency, lost the encryption key to its hardware wallet. 

b) They also lost the recovery key so they CANNOT get it back.

c) Is it REALLY important? Lets just say they are now singing Buddy can you spare $38.9 million? (For the original click on Buddy can you spare a dime.  For a parody of it click on  Buddy Can you Spare a Couple Billion?)

There is an article about Prime Trust losing their encryption key here.

Bruce Schneider has comments on it here.

SIDE NOTE: I've heard the following.

a) Having 15 letter password with at least 2 diff small letters, 2 diff cap letters, 2 diff numbers, 2 diff symbols is NOT good for security since you end up having to write it down AND hackers-guessing-passwords is not the main problem anyway. 

b) Some say you are better off taking 4 English words (or whatever language you speak) that have nothing in common and put them together for a password (not sure if some should be in caps) like

elephant Ramsey Rockford Ezra

which is easier to memorize. Such an approach might have helped Prime Trust. Oh well.

(xkcd had this to say: here)

WARNING- I DO NOT know if points a,b above are really true. Note that there are three kinds of statements

Those that are true

Those that are false

Those that you hear