Keeper’s Cloud Backup Feature — Risks and Mitigations

Keeper’s Cloud Backup is meant to help you easily access all your vaults. By allowing Keeper to back up your multi-key vaults on the cloud, you ensure you don’t depend on a specific app or device to access your Bitcoin.

What gets backed up on your cloud:

A wallet configuration file is essential in overall bitcoin management, particularly useful in advanced security features like multi-key (multisig) configurations. This file contains detailed information necessary to reconstruct a multi-key wallet, including the public keys of the participants, the required number of signatures for transaction approval, and other critical metadata. Maintaining a backup of the wallet configuration file ensures you can recover your wallet and access your funds even if the primary device is lost or compromised. This file is a blueprint for the wallet, enabling seamless restoration and continuity of wallet operations across different platforms and devices. Keeper helps you seamlessly back up multiple configuration files in a single document.

To be considered:- Risks of storing wallet configuration files on the cloud

1. Data Breach:

Risk: Cloud services can be compromised, leading to unauthorized access.
Mitigation: Use strong, unique passwords and password protection features. Store passwords offline.

2. Insufficient Encryption:

Risk: Weak encryption can expose data to attackers.
Mitigation: Use strong, complex passwords and avoid easily guessable ones.

3. Account Compromise:

Risk: Weak passwords or lack of two-factor authentication can lead to unauthorized access.
Mitigation: Monitor accounts regularly, use two-factor authentication, and update login details frequently.

4. Service Outages:

Risk: Cloud downtime can prevent access to your files.
Mitigation: Keep offline copies or printouts with QR codes for access during outages.

5. Malware and Phishing:

Risk: Cybercriminals may steal login credentials.
Mitigation: Use trusted networks and avoid phishing scams.

6. Lack of Control:

Risk: Relying on third-party servers means trusting their security measures.
Mitigation: Keep offline copies to mitigate reliance on third-party security.

Upsides of storing wallet configuration files on the cloud:

1. Accessibility: Access files from any device, anywhere, ensuring you’re not tied to a single device or app.

2. Convenience: Eliminates the need for physical storage devices, making file management easier.

3. Automated Syncing: Keeper ensures your files are always up-to-date without requiring manual backups.

4. Disaster Recovery: Enables quick recovery in case of device loss, theft, or failure, ensuring uninterrupted access to your funds.

5. Sharing and Collaboration: For multisig wallets, facilitates easy sharing of configuration files among cosigners, enhancing coordination and security.

By storing your wallet configuration files on the cloud, you can significantly enhance the accessibility, convenience, and security of your bitcoin. However, it’s crucial to implement robust security measures to mitigate the associated risks, ensuring your funds remain safe and accessible under all circumstances.

Important Post Scripts:

P.S 1: Please note that unlike the Recovery Key, the cloud backup does not recovery the whole app. It only backs up your multisig wallets.

PS.2: You will have access to all your wallet configuration files in a single pdf document. However wallets will have to be imported one at a time.