In the previous sessions, we have learned about security attacks against blockchain networks, as well as common security risk issues and means of protection at the individual and company levels. Next, we will discuss and learn about protecting personal assets. Common ways to protect cryptocurrency assets include using dual authentication (2FA), using trusted wallets and exchange services, updating software regularly, etc.
Account and Wallet Security
Use strong password combinations
Use a combination of upper and lower case letters, numbers and symbols than simple plain letters, plain numbers, or simple letter and number combinations such as 11111111, 12345678, qwertyui, etc. The longer the password and the more types of characters used, the more difficult it is to crack. Also, to avoid an attacker being able to crack one of the passwords and then be able to crack all other associated accounts, it is recommended to set different passwords for different accounts.
Set up 2-factor authentication (2FA)
2-factor authentication adds an extra layer of protection to cryptocurrency accounts and blocks unauthorized access. Typically, two-factor authentication requires the submission of two pieces of authentication information, including a password that is set up and a verification code that is sent to your device via SMS, email, etc. Two-factor authentication greatly reduces the risk of unauthorized access and intrusion into your account.
Securing the Private Key
When using a crypto wallet, it is common to have an exclusive private key, which is usually a set of helper words. Since crypto wallets usually do not require authentication, this private key provides all the privileges corresponding to the wallet, and having this set of private keys allows you to transfer money to the wallet. Therefore, it is very important to keep the private key secure. Remember not to share your private key with anyone. Once the private key is lost, you will lose access to the wallet's cryptocurrency assets forever. You can store your private key in a hardware wallet or in a digital file protected with an additional password.
Periodically Checking for Revocation of Contract Authorization
Token Approval is an important feature that allows crypto users to conduct blockchain transactions through various decentralized applications and smart contracts. Different permissions will give different permissions to applications and contracts, and some permissions will need to allow access to assets in order to actually transact. This permission can be revoked at any time through Ethercan's Ethereum Token Approval feature. Regularly checking and canceling unused and unfamiliar token authorizations protects the wallet from bad contract authorizations and keeps assets safe.
Choosing a Trusted Wallet Service or Exchange
Using a trusted wallet and exchange service is an important part of securing your crypto assets. When starting to deposit digital assets, do your research first and check if the wallet or exchange has had any hacking incidents in the past or has security vulnerabilities. When using them, make sure that you are using the latest officially provided URL or application.
Environment and Data Security
Updating Software and Operating Systems
In order to avoid protecting crypto assets from security attacks, it is important to keep your wallets, exchanges, common browsers and other related applications updated to the latest versions. In addition to updating applications regularly, it is also necessary to keep your computer system up-to-date. Upgrade your operating system, antivirus software and other important applications to the latest version. Reduce the risk of cryptocurrency attacks by using the above means to ensure that known vulnerabilities have been patched, thus reducing the chances of being attacked.
Use a firewall or antivirus software
The use of additional firewalls and antivirus software can help to eliminate risks in a timely manner. Some firewalls can verify the authenticity of addresses and stop unauthorized third parties from using your device via network access. And antivirus software can identify and remove rogue software and viruses that could steal wallet information.
Avoid using public Wi-Fi
Public Wi-Fi networks usually do not have passwords and are not protected by encryption, making them vulnerable to external attacks. Therefore, when accessing and using sensitive information, such as using wallet services, try to avoid using public Wi-Fi and instead use a secure private network, such as an undisclosed home or office network.
Summary
After this course, we hope that you have been able to understand the security mechanisms and precautions of blockchain, the security risks at the personal level, and the means to deal with them. When using blockchain networks and applications, actively take appropriate measures to protect the security of assets and personal information.
Disclaimer
-
Crypto investment involves significant risks. Please proceed with caution. The course shall not be considered investment or financial advice.