Just a bit of additional background that I hope is not too tangential 
within this thread...

Security in these contexts is generally about protecting Rights, which 
makes it a Civil Law matter for most folks folks who are playing defense 
rather than offense (when it tends to be a Criminal Law matter).  In Civil 
Law, Judgement tests tend to be based on "preponderance of evidence", as 
opposed to the higher standard of "beyond a reasonable doubt" that is the 
threshold for Criminal Law.


A few of the implications I see in this are:

* One implication is that "2 factor" is likely to grow to be (3... 4...) 
5-factor as the "arms race" between the "Haves" and "HaveNots"  continues.

* Another implication is that factors are not of equal importance, but 
instead are very context-sensitive.  For example

** In a dispute about the ownership of an expensive wrist watch, a judge is 
likely to award custody to the claimant who can correctly recite its serial 
number.

** in real estate, the value of the asset is relatively large, so many 
jurisdictions have an accepted "Book of Record" that records the details of 
the "conveyance" of the ownership of the property from Party A, for a 
declared Price, to Party B.  Bother parties are obliged to establish their 
Identities to a much higher standard than is the case in transactions of 
lower value.

** in Banking, account access mechanisms need to distinguish between 
Current accounts (with just enough money to get through a time period 
conveniently) from Asset accounts (which need proportionately more 
stringent access controls)

A third implication is the effect of Privacy on Security.  Technologies 
like DistributedLedgerTechnologies are emerging that provide permanent 
records of Transactions and their Terms.  The needs for and rights to 
Anonymity in these systems are not yet well understood and are certainly 
likely to be contentious given the tensions between lawful and unlawful 
behaviors.

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