Intelligent CISO Issue 1 - Page 85

your currency. Just as it pays to put your watch or other jewellery in a safe deposit box, so too does a little effort into how you manage your cryptocurrency. Lost cause A recent article shows just how significant the extent of this can be. An IT worker in the UK kept 7,500 Bitcoins (almost R930 million) on his laptop. However, after it broke he sold the computer for spare parts but kept the drive. Unfortunately for him, he mistakenly put the drive in a waste bin at a local landfill site while cleaning his house in 2013. Following the surge in the currency in recent months, he now wants to go find it. The health and safety regulations of trying to dig around four years’ worth of landfill has seen the council reject his requests for trying to locate the drive. www.intelligentciso.com | Issue 01 This and many other examples on the Internet should spur even the most sceptical of people into action. Even though the financial impact is significant (and potentially devastating), one should take care of applying the same availability rules to digital wallets and cryptocurrencies as is done to all important data. Don’t bank on an online backup The most critical of these is the 3–2–1 principle. It states that you should have at least three copies of your data, store the copies on two different media and keep one backup copy offsite and off the Internet. You might even consider making a backup to leave in a safe deposit box with your watch; just make sure you encrypt it first. For obvious reasons you cannot duplicate your digital wallet or cryptocurrency, but you can still ensure you do not keep it at your physical location and off the Internet. Going with a reputable service provider for the safe storage of your cryptocurrency is the best way of avoiding loss if your drive gets stolen or compromised. Despite it being digital, if cryptocurrency is lost, such as in the case of the hard drive in the landfill site, it is gone forever. Imagine it as real cash left in a burning house. Cryptocurrencies, very much like our reliance on data, are here to stay. 85