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What Does “Bank Level” Security Mean

While “bank-level security” does serve a purpose, keep in mind that it isn’t the most secure solution in the market.
However, they aren’t entirely protected as most of these solutions are generally set for marketing purposes.

What Does “Bank Level” Security Mean

Over the past years, the world of cryptocurrency has increasingly become popular. A purely peer-to-peer version of electronic cash, like bitcoin, are gradually taking grounds in the financial market. With that, since online hackers and other perpetrators mainly target them, it’s a logical move that you secure your crypto holdings. For the most part, you may convert them into fiat money and save them into a financial institution because of “bank-level” security. But what exactly is “bank-level security,” and is it really secure for your cryptocurrency holdings? 

In this article, we will share more about the meaning of “bank-level” security and how you can protect your financial resources.

What bank-level security means

A “bank-level” security is a form of security that banks or financial institutions use to encrypt and protect financial data and personal information using standard industry tools and technology. The security level includes protecting data at rest, securing data in transit, maintaining operational procedures, and regulating administrative access to data and information. At the same time, the specific types of security measures being implemented still vary from one bank to another.

Bank-level security vs. cyberattacks

While “bank-level security” does serve a purpose, keep in mind that it isn’t the most secure solution in the market. Sure, banks and financial entities secure their systems and networks using various measures. However, they aren’t entirely protected as most of these solutions are generally set for marketing purposes.

The truth is that cyberattacks can still strike financial institutions. Think of DDoS attacks, ransomware, and viruses impacting even international banking systems from time to time. The sad reality is that most of these cyberattacks against financial institutions are carried out by a cabal of cyberwarfare and international crime agencies worldwide. This is where there is a need for alternative financial security solutions.

Here at Financial Cents, we offer an easy-to-use cloud-based accounting practice management solution. If you want to manage your holdings through robust accounting software, our accounting resources will surely be your best bet!

How to protect your cryptocurrency holdings

If you have crypto holdings and heavily rely on traditional banking, you may have to think twice about the financial institution’s “bank-level” security. Instead of resorting to conventional banking and trusting its protection, there are ways you can secure your holdings without relying on banks or financial entities. Below are some ways to safeguard your crypto holdings:

  • Keep your crypto assets to yourself in a secure wallet by locking and holding them down.
  • Select the right wallet, whether holding a private key or in an exchange.
  • Use a strong and unique password for your cryptocurrency wallet.
  • Protect your cryptocurrency wallet, exchange account, and email account with two-factor authentication or 2FA.
  • Never click on links in emails or on social media believed to have come from wallet providers and exchanges as they may be phishing attacks.

Conclusion

At this point, you now know that bank-level security may be an option for you in securing your crypto holdings. However, it’s best to have a secure wallet or participate in an exchange instead. Just be sure to follow the steps outlined above in protecting your holdings and work with a highly reliable firm with CPA management software and accounting management. Doing so will ultimately safeguard your crypto holdings from losses!

As a CPA management firm, we provide a cloud-based accounting practice management solution that will help you manage your staff and clients, scale your business, and boost your business’ profitability. Connect with us today to start a free trial!

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