Yes, you can recover your steem account(I hope you have asked this question in regard to your steem account). But you have a time frame of 30 days for that and within that period you have to go for "recovery account procedure". After 30 days, it is not possible to recover at all.
As for security, it is always advisable to use posting and active key and keep your master key in a safe place, properly written in a paper and store & save in multiple place, so that you can have an easy access to it. Dealing with a decentralized account also require proper awareness and consciousness and you can not afford to be casual in this matter. That is why it is very well said, if you have the key then you are the owner of the account.
I have heard that many people have experienced issues to this past, but thanks to Steemit, that at least here you can get a chance to recover your account(within 30 days). If it is any other crypto wallet, then it is like burning the asset.