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Recommended Security Procedure

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I know that it’s not recommended to keep a significant amount of XRP or fiat in exchanges.  I recently read that it’s a good idea to change your exchange account password every time you access the exchange account.  Is that really necessary given 2FA?  Thanks.

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The reason why it is bad is not your password strength per se. It is bad because exchanges hold your real coins while giving you nothing but a promise. They provide you only IOUs and "guarantee" you that you get access to the real coins when you ask for. When you hold your XRPs on the Ripple ledger you have a native Ripple wallet and the corresponding secret key. Gatehub for instance provides you a native Ripple wallet by default. When Gatehub gets owned or is down you can use another network client to access your XRPs on the network. Note that you will be able to access your XRPs but not your USD/EUR IOUs Gatehub gave you in such cases. 

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