How cloud computing can protect against cryptocurrency theft

 In IT Support

Increasingly, owners of cryptocurrency are becoming victims of online hackers. Crypto coin theft can be devastating, especially as certain forms of cyber currency continue to rise in value. Unfortunately, this growing value has attracted sophisticated online criminals. So how do you protect your blockchain assets?

Let’s analyse each form of blockchain “wallet” method and review their varying security strengths and vulnerabilities.

Paper wallets

Seem like a safe option for coin storage. They are printed out paper receipts of your cryptocurrency code. Since they are a hard copy you bypass any online security issues. However, since they are paper there is a danger they may be lost or damaged.

Hardware wallets

Blockchain code is stored on an external hard drive. One benefit of this method is you can access the code offline, thereby blocking any potential online hacking. However, you will still need to connect to the internet when you want to trade in your coins.

Desktop and mobile wallets

These allow you to access your funds via an iOS/Android app and your desktop computer respectively. Using a smartphone gives you portable funds, like a literal wallet. Whereas desktop wallets let you save your cryptocurrency code conveniently.

Online wallets

The best way to store your assets is via cloud computing. Utilising the cloud gives cryptocurrency traders security advantages that other wallet methods don’t have. No hardware is involved, therefore theft can only occur via the internet. There are fewer security flaws than desktop computing and smartphone interfaces.

Cloud based security systems employ deterrent controls which help to ward off potential hackers, and authentication protocols are in place to help prevent potential fraud. Furthermore, intelligent cloud networks can easily detect and correct any security violations that do occur. Advanced damage control systems reduce the impact of potential attacks and employ data back up to save lost or stolen data.

When using cloud based storage it is wise to do so while also utilising the services of trustworthy and reliable online security and IT companies, ideally ShiftF7. Security advice from professionals can be invaluable, especially when you are protecting your cryptocurrency. Call us on 01306 873900 or email info@shiftf7.com to take advantage of our quality service.

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