Are you committing any cardinal online sins? These easily avoidable oversights can endanger your data, along with the data of your loved ones and coworkers. Are you guilty of any of the following?
Trusting any cloud storage platform
Yes, many esteemed tech companies give you free storage space in their clouds, but no, these spaces aren’t always safe. Do you hastily click ‘I agree’ without reading the terms and conditions, so that you can skip to the fun part? Some of these terms and conditions stipulate that that company can legally access and trade your data. Yikes.
Instead, save your data on decentralized platforms — aka platforms that are not controlled by the administrators of organizations or governments, and only allow respective users to access their own data. There are many affordable hardware and software options on the market. Offline storage options are also better because they are tougher for online criminals to breach. Safety first! Don’t save your files on public servers, especially confidential documents, passwords, and cryptocurrency. Here’s why you shouldn’t place full trust in the safety measures of just any popular platform.
Storing your crypto in any crypto wallet
You could lose some serious moolah if you trust just any cryptocurrency trading platform. Same goes for your choice of wallet. Don’t store your crypto in a mobile wallet, and certainly not in a web-based wallet! Pick a hardware wallet instead that has garnered solid reviews. A good hardware wallet will not only encrypt your digital assets and protect them offline with safety precautions like authentication, it will also protect you when you surf the internet. Wallets that aren’t secure have led to huge thefts around the world, including the misappropriation of valuable NFTs like Bored Ape Yacht Club NFTs.
Losing your password or saving it in an unsafe place
For some crypto networks, losing your password is game over — the admins won’t even attempt to help you retrieve your money, because they aren’t contractually obligated to do so. And worse yet, if you find yourself the victim of theft, it’s impossible to retrieve lost crypto – the exchange usually begs the thief to give it back or pay victims out of their own pocket. Again, please read all agreement contracts carefully before actually agreeing to them. Common sense, but it bears repeating.
To avoid losing your password and login details, chances are, you save them in a note-taking document or take a photo of these details with your phone. Unfortunately, hackers bet that you do this too, and have many ways of getting to that document or photo. Once they gain access to it, they will have a field day with your digital assets. This is how easy any password can be hacked. For max security, encrypt login info and save it in a secure password manager.
Not backing up your offline and online data
Back up all your files regularly, because you never know when a virus, hacker, system failure, or cat knocking a glass of water onto your electronic device might wipe out precious data. We don’t mean to nag, but it’s just not the safest SOP to back up your data on public cloud storage platforms! The best place to keep a copy of your data offline and encrypted by a secure hardware device.
Not encrypting your data
Modern encryption technology ensures that no external organization, government, or individual can access your private data. First off, encrypt your confidential personal data and important files. If you buy crypto, it’s a great idea to encrypt all login information, transaction information, and all communication regarding your digital assets. Here’s a nightmare scenario: This popular crypto trading platform didn’t encrypt its communications, its crypto was hacked and the platform was slammed with a multimillion dollar lawsuit. How does encryption work? Learn more here.
A convenient solution
For peace of mind, pick a secure hardware wallet, which will minimize all these security lapses and possibilities of human error. UKISS Hugware® is an example of a hardware wallet that will not only safeguard your cryptocurrency and personal data, but also protect your digital assets and identity when you go online — simply plug in UKISS Technology’s Authentication Key when you go online. UKISS Hugware® comprises an Authentication Key (A-Key) and a Rescue Key (R-Key). In the event that you misplace your A-Key, your R-Key will have a copy of the same set of data. Other hardware wallets might require you to jot down 24 recovery phrases that you will have to enter if you lose your hardware wallet. UKISS Technology’s R-Key simplifies this recovery process and makes it fool-proof. This proprietary technology is patented in over 20 countries and major markets, and will soon likely replace two-factor authentication.UKISS Hugware® is now on sale at ukiss.io/shop/.
Note: Coconuts Media is not a financial services company, does not provide financial advice, and is not a qualified expert in the storage of digital assets—financial or otherwise. This article is part of a paid partnership with UKISS and is for educational purposes only.