How do you protect yourself from cryptocurrency exchange theft & insolvency?

As a keen observer of the cryptocurrency landscape, I'm always curious about how investors can safeguard their digital assets. With the recent wave of cryptocurrency exchange hacks and insolvency issues, it's become increasingly important to understand the measures one can take to protect themselves. Could you elaborate on the key strategies you recommend to mitigate the risk of falling victim to such incidents? Are there any specific security practices or tools that you find particularly effective in this regard? Furthermore, what advice do you have for those who might be considering storing larger sums of crypto on exchanges? I'd greatly appreciate your insights into this matter.