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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?

Cryptocurrency has increasingly become popular in the last few years. Peer-to-peer versions of electronic cash, like bitcoin, are gradually taking ground in the financial market.

Since online hackers and other perpetrators mainly target electronic cash, it’s a logical move to secure your crypto holdings. For the most part, you may convert them into fiat money and save them in 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 discuss the meaning of “bank-level security” and how you can protect your financial resources.

What Is Bank-Level Security?

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. This security includes protecting data at rest, securing data in transit, maintaining operational procedures, and regulating administrative access to data and information. At the same time, different banks vary in the specific types of security measures they implement.

Bank-Level Security vs. Cyberattacks

While bank-level security serves a purpose, it’s not actually the most secure solution in the market. Sure, banks and financial entities secure their systems and networks using various measures. However, most of these solutions are set for marketing purposes and do not offer 100% protection.

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 (2FA).
  • Never click on links in emails or on social media that seem to come from wallet providers and exchanges, as they may be phishing attacks.

Conclusion

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!

At Financial Cents, we are a CPA management firm that provides a cloud-based accounting practice management solution to help you:

Connect with us today to start a free trial!

By Shahram Zarshenas

Laying the foundation to scale your firm is tough. You have to document your workflows, establish collaboration channels for your team, and implement the right tech to overcome the challenges you will face as you.

Shahram Zarshenas has helped thousands of accounting firms overcome these challenges. He is the CEO of Financial Cents, an easy-to-use practice management software built to help accounting firms track the status of client work, collaborate with their team, and get work done.