I think a more appropriate analogy is that this is like a safe deposit box. You lost the key. The bank is obligated to help you out, even if for a fee to drill the lock.
Where the analogy breaks down is the level of difficulty --- even the strongest safe in the world is crackable given enough resources, and we know how to do it very well. Good encryption is impossible to break within the lifetime of the known universe.
I say this as someone who has sadly had to explain to others a few times, that recovering encrypted files is nothing as easy as "busting it open" in the physical world.
This is incidentally why governments are scared of encryption, but IMHO users should be too --- it is very, very strong technology. Encrypting data with a suitably secure algorithm and losing the key means it is truly gone forever. You have to weigh that risk against the risk of someone else getting access to the data.
I say this as someone who has sadly had to explain to others a few times, that recovering encrypted files is nothing as easy as "busting it open" in the physical world.
This is incidentally why governments are scared of encryption, but IMHO users should be too --- it is very, very strong technology. Encrypting data with a suitably secure algorithm and losing the key means it is truly gone forever. You have to weigh that risk against the risk of someone else getting access to the data.