In our previous blog post, we provided clarity on the events that transpired during the 21st February security incident.
As we continue to ramp up security measures and maintain a secure platform for all users to trade, we would like to encourage users to play a part in their personal data protection as well.
In today's context where cyber security attacks are rampant, safeguarding your own personal data is of paramount importance.
Here are some tips you can adopt to ensure effective data protection.
Avoid Reusing the Same Password for Multiple Sites
Reusing the same password puts your account(s) at a significantly higher risk of being compromised.
A hacker or cybercriminal who has access to that single password can easily gain access to all other accounts, making them vulnerable to hacks. Using a single password also increases the risk of your password being discovered by others, as lists of compromised emails are often leaked online.
Adopt External Password Managers
Creating various passwords to can be challenging to remember, and external password managers are a great way of handling this.Apart from storing your passwords securely, external password managers such as Lastpass can help you generate complex and secure passwords, which guarantee better security for your data.
It is also advised that you diversify password storage across different password manager platforms to reduce the risk of account breaches.
Create Strong Passwords
To decrease the vulnerability of your passwords, consider these 3 tips:
- Create a long password. Generally, longer passwords are harder to crack. When hackers are trying to crack your password, they run efficient computer programs that generate every possible combination of symbols, letters and numbers. While longer passwords are more complex and take longer to crack, passwords with fewer than three characters are cracked under a second.
- Avoid using personal information. Yes, especially birthdays! Personal information such as your birthday, postal code, family name, schools etc. are easily discoverable information, putting them at greater risk of being compromised.
- Include a good mix of letters, numbers and symbols. Use a random selection of uppercase and lowercase letters, numbers and symbols to make your password more complex. Alternatively, make your password a long sentence of random words and complicate it further by replacing alphabets with numbers or symbols.
Install Antivirus Protection
It is always advisable to install antivirus software and run deep scans on your computer once in a while. Much like routine check-ups, these scans help to assess the cyber health of your computer to make sure there are no malwares or viruses. Consider getting good and free antivirus software which can help detect, prevent and remove malware from your computer. Avast Security is a good option as they provide anti-malware security, web and email shields and Wi-Fi Security scans.
**Disclaimer: Coinhako is not affiliated to Avast security and will not profit from the use or sale of their products.
2FA Authentication/ Best Practices
To ensure tighter security for all user accounts, Coinhako implemented a mandatory password and 2FA reset for all users as of 25 February 2020.
As the name suggests, a 2FA reset is a two-step process to gain entry to an account.
Instead of only protecting your account with password entry, a second layer of authentication is enforced ; one must enter a code sent via SMS or generated by external authenticator apps to verify that the rightful owner of the account is trying to log in.
Backup Your Devices Regularly
No one likes having their data compromised.
While computer viruses and malware can lead to data loss when they infect your computer, regular backups of your devices mitigate the risk of losing all your files completely.
In the event that your computer is infiltrated by malware or viruses, scheduling regular backups also makes data recovery possible.
Identify Fraudulent and Secure Sites
Be extremely vigilant when you click on links. Some of them can lead you to fraudulent sites or even install malware on your device.
Before visiting a site, check that the connection is encrypted to ensure that it is safe to visit. For Google Chrome users, a secure site should have a "lock" icon displayed next to it.
It should look something like this:
We hope that these tips can help you safeguard your online data better.
Where personal data is concerned, it is always better to be safe than sorry — avoid sharing data on ambiguous platforms and clicking on suspicious links.
For more info on user security, you can visit here.
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*The information presented in this article does not constitute investment advice and is purely for educational and/or informational purposes.
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