- People think that they have their crypto security is top of the range, but is it?
- Just one weak link could put all of your crypto at risk
- It takes less than an hour a month to keep your security in tip top condition
In a world where scammers and hackers work around the clock to try and steal as much cryptocurrency as they can possibly get their hands on, taking security seriously is very important. But, many people think that if they just use a hardware wallet and hide their seed phrase somewhere safe, then their crypto cannot be stolen.
However, this, unfortunately, isn’t the case. Your crypto and your cybersecurity is only as strong as the weakest link. With that in mind, perhaps it’s time to take an afternoon this festive season to reevaluate your security measures and take your protection to the next level.
Hardware Wallets Aren’t Fort Knox
We’d all love to believe that our hardware wallets are impervious to any kind of attack, but as we’ve seen time, time and time again, there are bugs and ways around their security features. If that’s too hard, hackers can use other methods to get into your crypto pots. Just ask Nexus Mutual founder, Hugh Karp, who had $8 million swiped from his hardware wallet.
If someone can access your MetaMask wallet or your Ledger Live application by hacking your laptop or desktop pc, your last line of defense is your eyes. On any hardware wallet that has a display, you’re asked to confirm the address of the wallet you wish to send to. It takes 30 seconds to check that and make sure it’s right. If you fail to do this quick, easy and FREE step, you could lose everything, just as Karp found out.
Is Your Firmware Up to Date?
If you are a bit more careful when it comes to making transactions with your hardware wallet, perhaps it’s time to look at the hardware around your home. Is your laptop up to date with the latest OS and its security patches? Does your router have the latest firmware? When did you last update your phone? Ask yourself all of these questions, and if the answer is more than 6 months ago, log in to the device and update it.
Old and outdated firmware has been the root cause of thousands of hacks and attacks over the past few years. So, if you’re going to take your security seriously, why are you not going to spend 20 minutes a month keeping all your devices up to date?
Are Your Passwords all the Same?
The biggest crime of all, however, is using the same password for every website and app you have. Most people do this, and it’s fair enough. Remembering unique 12+ character alphanumeric passwords for your apps is a total hassle, but you can use secure password storage apps, such as LastPass, to do this for you.
The reason being is that if your data gets leaked on just a single app or website, your whole online presence is now vulnerable. So, do yourself a favor, enable 2FA on everything you can and change your passwords to unique alphanumeric passwords and use an app like LastPass to manage them for you. You can store them in Chrome or whatever browser you use, but do you really want to tie all your passwords to your Google account?
Take Security Seriously!
People who take their cybersecurity seriously are often mocked and told they’re wearing a tin foil hat. But, when you’re being your own bank, you can’t be too careful. If you don’t want to get hacked and have all your crypto stolen, make sure you follow all security best practices, otherwise you might as well just throw your crypto away.
You might be sitting there thinking, ohh but it won’t happen to me – it eventually will. It might not be today, it might not be tomorrow, or the day after. But, the day will come. If you’re not going to take your security seriously, you will fall prey to hackers and scammers.