The surge in cryptocurrency popularity and its prices has become the center of loci for many hackers globally. Various agencies working on such attacks said that hackers continue to gravitate towards digital assets as they become more prevalent in our daily lives. A question raised on how cryptocurrency exchanges in India will recourse their ways to ensure 100 percent security to their traders or investors.
4 Tips to Keep Your Cryptocurrency Safe
Here are some of the steps Bitcoin exchange can take to ensuring the investment is safe on your platform.
Hybrid Approach to Digital Wallet Security
According to the statement of Terence Jackson, a chief information security officer at Thycotic, "The physical wallet should also be stored in a secure place such as a safe or safety deposit box," he says. "I would also suggest separating the private and public keys. Both should be secured with strong passwords and multifactor authentication when possible. As cryptocurrency becomes more mainstream, more traditional options will emerge, but in the meantime, you are responsible for keeping your cryptocurrency safe."
Online wallets have gained popularity and attract hackers. Use offline wallets to store and keep the cryptocurrency while keeping a small part of the cryptocurrency in the digital online wallet.
Two Strong Passwords
You must not reuse your password on another platform. You are reading daily about the interest of hackers who have redirected to cryptocurrency. Let's suppose all of them had a data breach. It will be as quick as a snap to steal what they find meaningful.
Kevin Dunne, president of Greenlight, says "While cryptocurrency is an innovative technology that is evolving quickly, the quickest and easiest ways to secure your wallet is with tried-and-true security tactics," he says. "Limit your exposure by having a unique, strong password for each, with two-factor authentication and password rotation enabled where possible. Using a trusted password manager can help to automate this process and take the guesswork away."
Establish your Connection with Popular Cryptocurrency Exchanges in India
Before deciding which platform to use, there are various aspects to look for. At first, you must understand the security measures they are undertaking to protect you from scammers. At least consider that the platform or the exchange had five years working in the cryptocurrency industry.
Austin Merritt, cyber threat intelligence analyst at Digital Shadows says, "Entities to be trusted should incorporate best security practices such as requiring multifactor authentication, SSL/TLS encryption and using air-gapped devices that are kept offline when storing cryptocurrency". "Whether using one or more cryptocurrency platforms, it is imperative to maintain a secure password manager to ensure that passwords are not lost," he says.
Protection from Mobile Phishing
Almost every cryptocurrency investor or trader is using the mobile app to maintain their portfolio. As these commodities soar in price, hackers motivating investors and traders with many eye-catching online campaigns to steal your login credentials.
Hank Schless, senior manager of security solutions at Lookout says, "Beyond phishing, there are also malicious mobile apps that have the hidden ability to log your keystrokes or watch the activity on your screen". Many people install antivirus software on their computers, and they are starting to realize they should do the same with their smartphones and tablets. "Considering the amount of data we trust to those devices, they are the most important to secure," Schless says.
The cryptocurrency exchanges in India are trying their best to deliver optimum security to their traders. To facilitate users with a better place to trade in disruptive technology such as Bitcoin, Ethereum, Cardano and many others, you can follow the above-mentioned tips to ensure you do not lose what you have gained so far.
