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Yes. That would be a bad situation and the you would lose a lot of Steem. But depending on who set up your account and how long someone has control of it. There is a way to provide your original passwords and verify your identity and get your account back.
But it’s complicated and not 100% reliable. You should keep your master password secure offline if possible.

I really believe they should provide an extra layer of security by e.g. use a Ledger Nano S to login for those people who want it. Some people really have a lot of Steem here. Current security doesn't seem to be enough. BTW the master key is de owner key right? I just looked under permissions. I hope the owner key they show there is a public key?

It’s a very good idea to store your password in a cold wallet like Ledger. Yes the Master key and Owner key are the same thing.

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