Cryptocurrencies are transforming the way the world does business, but security vulnerabilities are also coming with it. While attackers are targeting virtual currencies on social platforms, technology becomes the arm.
FREMONT, CA: In 2018, cybersecurity firm Carbon Black estimated that attackers stole approximately $1.1 billion in cryptocurrency. Keeping funds on a cryptocurrency platform such as centralized exchange highly recommends making sure the accounts are as secure as possible. The problem is so, and security practices are the only gold standards of modern account security. Below are certain best practices to help secure crypto assets better.
• Paper Wallets
They are probably the first option and the most secure one. A piece of paper can be stored in a safety deposit box just like essential documents, and use the same security that was always used. To use paper wallets, someone needs to get physical access to it and restore the private key to spend the assets.
• Hardware Wallets
Hardware wallets are also the best options when storing crypto assets. Small devices are available where one can store private and public keys to ensure the assets are secure. These hardware devices have their own operating systems, which makes them secure even if one connects them to an infected device, which makes them extremely reliable. Storing the hardware wallet secure and setting a pin to access the device.
• Two Factor Authentication
Ensuring the usage of Two Factor Authentication (2FA) when dealing with exchanges or any other sites is a smart move. Also, the software-based 2FA where the code is generated by the cell phone.
• Using Trusted Networks
Free wifi is always convenient, but it is crucial to consider it as a gold mine for data thieves. As a best practice to protect crypto assets, one can avoid accessing crypto accounts over public wifi, and only use public networks when trading or viewing account information.
Cryptocurrency provides consumers with total control over their assets, and new and legit practices help ensure security.