After posting this, it occurred to me that the problem comes from the fact that people make mistakes.

In the world of bitcoin, your private key is your bitcoin. There are no do overs. Obviously, if all of life functioned this way, it would be challenging. Imagine if you lost your house if you lost your key, or if you lost legal custody of your children if you lost your key.

Instead we have courts. And on the internet we have a horrible contorted process that is full of holes but doesn't carry the same all or nothing consequences of a keypairs system.

Navigating what will happen to your real world things if you accidentally lose or expose your private key will probably always be an impediment to fixing the data breach problem.

AT&T is facing multiple class action lawsuits related to a data breach in multiple jurisdictions. What made me sad though that media was very happy that they accepted there was a breach.

I was thinking about exactly this recently. Each of these should have been Earth-shattering news, and yet life just goes on like nothing happened.

Will there ever be massive ramifications of these breeches? I have no idea, but it doesn't seem far-fetched.

Add: Philippine’s Jollibee Food Corporation 11mm customers

add Ticketmaster to the list

The fact that these companies are so bad at data protection yet keep asking for MORE data is insane, like no consequence for this incompetence?

Yes, Kyc is worst thing to happen and all these companies are however trying hard to address all of their misdoings but how far they can go!

The way to solving this issue is to eliminating KYC all together. Any type of KYC will become a honeypot for hackers. Very sad to see companies have such large data breaches, and untold amounts of data being stolen.

It's understandable to feel overwhelmed by the constant news of data breaches. Your suggestion to limit the amount of information companies collect is a practical one, especially in a world where data security can't always be guaranteed. Implementing stricter data collection policies and shifting towards more secure methods like public/private keypairs for identity verification could indeed reduce the impact of these breaches. While it's a significant shift from current practices, it might be necessary to better protect individual privacy and security in the long run.

sometimes, Implementing KYC measures can be costly and burdensome for financial institutions, especially smaller ones, lets not forget The risk of data breaches can expose sensitive information, leading to identity theft and other malicious activities.

Its been really bad lately with data breaches. Best too try to keep your information off of their servers as much as you can.

I get that a lot of services could work without saving customer data & KYC

But e.g. AT&T? How would that work? Nut storing passwords because salt and hashed, fine. Maybe they don't necessarily need a name either. But an email address for contact or the address for where to deliver the internet connection to? How?

How does AUTHY a standalone 2FA app store user data in the first place??

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