It's true that 'not your key, not your coin', and that there are several wallets and services available to cover yourself.
There may be a point at which any cryptocurrency (whether Bitcoin or another) is held on exchanges/wallets run by small/new companies.
The small players have limited resources. How do they ensure they are sufficiently protected? Why don't there be hacks every other day?
Most of the times being hacked is dependent on personal errors, what I have seen is that people spend hours researching about the perfect wallet, then at the end of the day they usually forget the personal security with respect to their mobiles phones and their computers.
You have to understand that there are very good wallet services available everywhere and therefore if you try and find one locally or nationally, that would work perfectly fine for you but I do think it's more important to have knowledge of cyber security.
Knowledge regarding how and how they should not really store their keys and passwords on their drive. I think everything is enough as long as people try and follow up on these things and worry a lil less about the price.