Setting up a multisignature wallet is a time-tested and reliable way to mitigate the risks of key loss as well as certain security concerns (e.g. malicious actors gaining unauthorised access to your keys). Such a wallet requires more than one key to access funds, typically two out of a total of three or three out of five, thus reducing single points of failure. Keys may be kept in multiple locations, even in different countries, or given to trusted persons (cosigners) for safekeeping, e.g. family members or legal representatives.