Use strong password, for wallet file and keep the recovery seed stored in physical format (write down in paper).
Is this the only option for storing ones mnemonic phrase because to me it isn't safe at all, I have heard of cases where the outbreak of natural disaster destroyed some mnemonic phrase writer in paper, though some persons recommend using water proof and fire proof safe to keep your written mnemonic phrase, but during unexpected natural disaster like that of Libya, when my life is at stake would I even think of saving my safe with me mnemonic inside? No
My point is there must be a safe way to store you phrase online, maybe be encrypting a doc or PDF with you mnemonic inside and then saving it in your google drive, something like that or any other way but there must be a way.
There is no such thing in reality, cause anything that goes into online is not safe anymore, that is why it's recommended to store your recovery seeds locally.
If you are worried about the single point of failure then multi signature wallet is an option like 2 of 3 or 2 of 4 and so on, so you create three recovery seeds and can store three in different places where you feel it will be safe then you can access your bitcoin wallet even if one of those seeds lost on such unfortunate instance.
