Whether you’re paying for a meal, signing up to play a game on your smartphone or withdrawing money from your bank, your information is at risk. In 2016 alone, 873 data breaches exposed more than 29.8 million records containing potentially sensitive information, according to the Identity Theft Resource Center.
Clearly, stronger measures must be taken.
While more people are turning to digital solutions to store important information, the threat of cyber security remains a concern for many businesses, governments and individuals. The modern reality when it comes to safely protecting valuables, documents and digital assets, is that both physical and digital secure storage solutions are needed.
Security in a changing world
In The Wall Street Journal, Sue Shellenbarger says people need a way to securely store both digital and physical copies of important documents. They should “wrap the documents in plastic and store them in a safe or safe-deposit box. Other paper items to keep in both paper and digital form include wills, diplomas, deeds, titles, licenses and trust and retirement-plan documents.”
Jerry Pluard of Safe Deposit Box Insurance Coverage (SDBIC) agrees, and recommends using a combination of physical and “digital” safe deposit boxes to protect valuables and digital identity.
“A digital safe deposit box can be used to maintain an inventory and store images of the valuable items in your physical box. You can also specify in your digital box the location of physical box and where the keys can be found,” Pluard says.
Digital vaults for consumers
While highly secured digital safe deposit boxes have been used by consumers and banking institutions in Europe for several years, the technology has not been embraced to the same degree in the United States.
With the digital vault options now available, American consumers need to be educated on what features are essential to ensuring their security. The top features are:
1. Password manager: Keeping passwords in a highly secure location might be the feature you access the most in your digital safe deposit box. Look for a password generator and the ability to link directly to the login screen to copy and paste the password in. Also, make sure you can access the password vault even when offline.
2. Encrypted email: Your digital box should have an encrypted email so you can send and receive sensitive documents.
3. Accessibly: Your digital box should have an easy to use mobile app, allowing you to access your passwords, documents and to download and receive encrypted information form a number of devices.
4. Digital inheritance: You should be able to designate several loved ones as beneficiaries who will have access to your digital files and documents in case of a life-changing event.
5. Security: Zero Knowledge technology is a must. This means only you and those you authorize can access your box. Also, you want something known as double encryption. This assures you that even if there is a breach, the hacker cannot access documents or data.
An Integrated Solution
Recently, SDBIC formed a partnership with DSwiss AG to bring such a digital vault solution to the US.
In addition to providing people with the needed features mentioned above, all the data is stored in a military command bunker in the Swiss mountains. This same service, which is used by large European financial firms to store highly sensitive information, is available to the consumer for just $40 a year.
This means there is now double-pronged security solution available. With an insured safe deposit box and a Digital Fortress digital vault, consumers can enjoy the peace of mind that comes with knowing their valuables are protected. It’s a digital and physical security solution for every generation.