What Could be Included in a Digital Vault? And What is its Importance?
A digital vault is a secure online platform where an individual can keep and maintain digital assets and logins and share access with people they trust. These digital assets include login information for online accounts, social media, and email accounts, digital files such as videos, music, and documents, etc. A digital vault use bank-level encryption technology and two-factor authentication to protect customers’ information and property.
Nowadays, online frauds are occurring at a rapid pace. Any small piece of information can help hackers to make a big fraud. Likewise, a safe is used to keep all valuable and important items such as jewelry and family beneficiation, similarly, a digital vault is an online locker that can be used to keep and protect critical information in a secure manner. A digital vault may include banking information, social media accounts or email accounts, and any digital files such as videos, photos, login information, credit card points, frequent flier miles, and many more. A digital vault uses bank-level encryption technology and two-factor authentication to preserve customers’ information and property.
With the increasing internet usage as well as the growing adoption of internet-connected gadgets, the global digital vault market is expected to experience a remarkable growth during the estimated timeframe. The market is anticipated to generate a revenue of $2,850.7 million and rise at a CAGR of 14.2% over the analysis period from 2022 to 2031. The major players of the market include Hitachi Vantara LLC, Keeper Security, Inc., Fiserv, Inc., Multicert, and many more.
What Could be Kept in a Digital Vault?
Individuals can include an inventory of all their assets both online and offline. They need to create a comprehensive list of all digital accounts with login information. The digital assets that a digital vault can include are listed below:
- Online bank accounts
- Tax records
- Investment accounts
- Cryptocurrency records
- Social media accounts
- Online photos
- Medical and healthcare online accounts
- Digital music
Why are Digital Vaults Important?
Digital vaults offer a plethora of advantages to individuals which are discussed below:
- Providing Optimum Security: The biggest advantage of a digital vault is that it is highly secure. Services that provide digital vaults have their own specific processes and procedures to safeguard the private information of individuals. These services include various forms of encryption and authentication to maintain high-level safety. As digital vaults provide the option of storing information online, it imparts more importance to individuals’ life.
- Giving Protection from Heckers: Currently, people are conveniently keeping their banking and credit card information online. This increases the risk of hackers who are always in search of stealing individuals’ information for their own gain. A digital vault can provide an extra layer of protection from hackers and help individuals to keep information safe.
- Providing Extra Protection Harmful Situations: Digital vaults keep all documents online and hence, reduce the risk of being destroyed by natural disasters such as tornadoes, hurricanes, or fires. Sometimes, it may also be possible that individuals may experience a home invasion in which all their documents could be stolen. However, a digital vault can help people store their essential documents online with greater security.
- Easy to Use: As all important information is stored in one place, a digital vault makes it more convenient for people to access their information when needed. Without a digital vault, people may store their login information and sensitive information in multiple locations to keep them private.
- Helpful for Creating Estate Plan: While creating an estate plan, it is necessary for individuals to nominate someone who will be responsible for all their digital assets after their death. As an estate plan includes a lot of complex processes, a digital vault makes it easier by keeping all documents in one place and allow individuals for quick access to all information.
Are Digital Vaults Really Secure?
Digital vault platforms are reviewed on the basis of security, price, ease of use, unique features, and sharing options. When it comes to the matter of security, digital vault uses bank-level security to keep individuals' data more safely. A digital vault platform includes two-factor authentication and 256-bit AES encryption, which is the strongest available encryption standard on the market. This optimal security does not allow outsiders to access sensitive information easily.
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