Here are the best practices for securely storing sensitive data:

1. Encrypt all sensitive data with a strong algorithm
2. Keep all encryption keys secure
3. Authenticate all users before granting access to data
4. Store each piece of data as a distinct element
5. Regularly monitor the system to ensure security protocol is followed
6. Implement security policy updates whenever necessary
7. Perform regular backups of all stored data
8. Dispose of data securely via shredding or burning