Storing your state file in a remote backend that supports encryption is one of the ways you should be protecting your state file. Many choose to use the AWS S3 Remote backend to do exactly that! Until very recently, this consisted of using S3 to stor...

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Something so simple and so effective. Though dynamodb is cheap, this reduces the additional overhead of needing to manage 1 dynamodb table along with addtional IAM permissions. Good move!
Glen Ogilvie
This article seems to fail to mention why DynamoDB was used, and why a lockfile in S3 can now be used. S3 didn't used to be strongly consistent, it was eventually consistent... ie, one could write a file, and someone else read the file, but get the same version.
How does the backend deal with two people running terraform at exactly the same time.. which one gets the lock? does one overwrite the other?