mmm ... the FDIC is a government insurance company that insures only savings accounts against bank failure. Bank robberies, fraud, identity theft and any other way you could lose your money is not covered. Thus, if a bank is robbed, you lost your savings. If your data in the cloud is erased, they have backups. Redundant backups. And they are all encrypted. Banks are not the best analogy for cloud storage, but the cloud seems to be a safer place to keep things.But money in the bank is INSURED so I've not lost anything if the bank was robbed. I get my money back!
You can't get your data back if it gets erased.
SOURCE: https://www.fdic.gov/resources/deposit- ... t-insured/
A compromised password can mean many things. As I noted elsewhere there are lists of common (and uncommon) passwords plus their encrypted equivalent for sale on the Internet. Any security organization worth its salt should have those lists in their possession for the exact reason you mentioned. They want to protect you from somebody other than yourself who might have a copy of your password. All the bank knows is that your password is on one of those lists but they don't know how it got there unless their own database has been breached. Also, and I really detest this, many high security places keep track of past passwords and will not allow you to reuse an old one. Some, probably your bank, even prohibit passwords that are close but not exact. Thus your "new" password was exact or too close to a previously used one. Erasing their history of your passwords is the only way to get around that.
OK, I'm not crazy. You did come by twice in the same day. LOL