The Snyk and Bitbucket best practices cheat sheet provides guidance on securely managing and storing code in Bitbucket, continuously monitoring for potential vulnerabilities using Snyk, and implementing strong access controls to protect against human errors and unauthorized access. The seven best practices outlined include never storing credentials in code or configs, removing sensitive data, tightly controlling access, adding a SECURITY.md file, validating Bitbucket apps, receiving security tips as part of the workflow with code insights, and adding security testing to pull requests. These measures can help prevent security breaches, protect intellectual property, and ensure that development teams receive timely security insights.