How to Keep Your Crypto Secure?

The growing popularity of cryptocurrencies and crypto platforms is accompanied by an increase in hackers’ interest in hacking an exchange, wallet, or someone’s account to steal cryptocurrency. Accordingly, requirements for ensuring protection and improving the security of storage and further use of cryptocurrency are going up as well.

Today, almost every operating crypto exchange is comparable to a banking system when it comes to security. Even this fact allows hackers to carry out cyber-attacks and steal valuable cryptocurrency coins. Typically, this is achieved through phishing, fraud, supply chain attacks, or general hacking.  

Not only crypto platforms and crypto exchanges but also the crypto holders themselves need to worry about compliance with crypto security measures. 

If you have a crypto wallet or an account on a crypto platform, you should learn how to ensure the security of your digital assets. Explore tools and ways to provide maximum protection for your cryptocurrency.

Password Manager

Make sure your password isn't accessible to outside parties, even if you create a difficult and one-of-a-kind password. It's challenging to come up with passwords that are hard to figure out and to remember for an extended period of time when needed. Errors happen to even the best of memories. What happens if there are ten, twenty, or more of these passwords—required by cybersecurity—for several websites?

Password managers are the greatest approach to secure your data. Your passwords are stored in an app on your computer, tablet, or phone, saving you the trouble of having to remember them. It will generate and remember your passwords for all of your accounts after you sign up and log in with your "master" password. The best solutions have data stored in encrypted storage to ensure maximum security. In such cases, the passwords are sent to the server in encrypted form and cannot be decrypted without your participation.

Two-Factor Authentication

If your account is protected only by a password, it is often insecure. It is not difficult for fraudsters to hack it and gain access to confidential data. Therefore, two-factor authentication has become one of the main ways to make online services secure. 

In addition to entering a password, you also need to enter a one-time code that arrives by email or phone or fingerprint. This confirms your identity. A one-time code is only valid for a couple of minutes or hours, after which it self-destructs. Thus, with two-factor authentication, your online accounts become invulnerable to cyber criminals. When you enable this option, you will also receive a notification if someone tries to access your account.

Crypto holders should enable 2FA wherever possible to add an extra layer of security. For example, you can use authentication apps like Google Authenticator or hardware keys like YubiKey (used by Facebook and Google). This ensures that even if someone gets your password, they cannot log in to your account without an additional authentication factor. 

Crypto Security: Best Practices

• Steer Clear of Fake Platforms

Every crypto asset holder should double-check the website URL before entering any sensitive information. You should also be wary of attempts to steal data necessary to get access to your coins using misleading URLs that look very similar to legitimate cryptocurrency platforms. Additionally, you shouldn't open attachments or click links that come to your email or your phone. It is best to simply visit the website yourself instead of clicking on links.

• Risk Diversification

Experienced crypto investors try not to store all their cryptocurrency in one place, preferring to trust only a portion of their assets to online platforms. So that if the platform is hacked, you don’t lose everything. One of the ways would be to turn to the cold wallets. Using a hardware wallet to store cryptocurrency is one of the most popular and reliable methods. In its operating principle, this device resembles a regular USB thumb drive. With the help of such a drive, the crypto owner stores all the necessary security keys and the coins themselves on a physical device. It is very important not to lose or damage the drive when using this method.

• Make Regular Backups

Any problem, be it theft, loss, or breakdown of your computer, will automatically mean the loss of cryptocurrency. Your digital asset security will not face yet another threat if you make backup wallet files at least once a week or month. Offline storage devices such as encrypted USB drives are a good option. You can store these backups in secure physical locations.

• Update Software

Update your devices regularly. Updates usually involve improvements and security fixes, which is exactly what you want. You can turn on auto-updates or receive notifications about the latest software updates. In the latter case, you will know exactly what the updates include and will not be interrupted in the middle of a transaction to wait for auto-updates to install. You can also wait a few days before installing updates to check if they contain bugs that can affect your data.

• Do Not Share Your Private Key

Treat your private key like your bank card PIN. It gives you access to your money, so keep it in a safe place. To protect your wallet, you can write your private keys on a piece of paper and hide them somewhere safe. Special cold storage devices can also be used for the same purpose.

• Use a Secure Internet Connection

Do you often use the internet in public places? Hackers do it too! Public internet hotspots are often unsecured, making it very easy for your data to be accessed without your knowledge. If you go out on business and need to check your bank account, online wallet, or social media account, it is best to use mobile internet. To protect your connection, you can also use a VPN and turn off bluetooth to prevent other devices from connecting to you.

Conclusion

Cybersecurity remains a weak point for the entire crypto industry. In response, crypto exchanges, wallets, and other players are taking radical measures - from large-scale audits to multi-million dollar insurance programs. As a crypto holder, you can also take numerous measures to protect your cryptocurrency. 

There are many individuals who are waiting for the slightest opportunity to steal your login info and your funds, so be careful and follow all the above tips to have maximum protection. If you have not yet activated all the security features for your wallet or digital currency account, you should do so as soon as possible!