Global crypto companies are estimated to have lost a whopping $1.3 billion as a result of hacker misdeeds in the first quarter of 2022. The worst-case scenario is that this sum could increase with the increasing number of cyber attacks. Few companies in an industry so vulnerable to cybercrime can boast incident-free security, and CoinLoan is one such company.
To enhance its tough security measures and make them even more effective, CoinLoan has partnered with Blaze Information Security, a provider of financial cyber security solutions that has gained wide recognition worldwide. Blaze helps companies improve their resilience to cyber attacks by analyzing and testing current security configurations, finding any vulnerabilities and offering better tweaks to eliminate them. In addition to CoinLoan, Blaze’s clients include top banking institutions, FinTech companies and crypto projects. This collaboration aims to ensure the uncompromising security of CoinLoan customers’ funds and create a crypto application resistant to all types of attacks.
As part of a 15-day test of CoinLoan’s security system, Blaze launched several targeted attacks on its platforms, thus demonstrating the maximum negative impact it can have. The results were remarkable, as Blaze highlighted CoinLoan’s superior security measures and deep awareness of all possible threats, which helped the crypto company address every issue in just two hours.
Blaze has conducted security testing based on standard developer awareness and web application security documents including OWASP Top 10, OWASP Top 10 Mobile, and OWASP API Security Top 10. In addition, it has applied advanced testing methodology developed through its years of experience in cybersecurity. As a result, Blaze assessed the chances of CoinLoan facing any problems related to the following aspects:
Business Logic Questions Race Conditions Currency Rounding Manipulation Financial Fraud Scenarios KYC Bypass Data Leakage
Later, the Blaze team worked with CoinLoan experts to find holes in the security system. Once again, the CoinLoan team proved to be true professionals, handling all issues smoothly.
CoinLoan CTO Max Sapelov commented on the collaboration: “While CoinLoan’s security experts regularly perform internal security audits and code reviews, and our Bug Bounty program allows white hat hackers to test our system for bugs and vulnerabilities, we believe that any company that provides the highest security priority must undergo penetration testing by a professional third-party auditing company. We chose Blaze because they have the experience and knowledge needed to test specific factors unique to the cryptosphere.”
“Over the past six years working with financial institutions, we have successfully completed over 1,500 penetration testing projects,” said Julio Cesar Fort, Managing Partner and Director of Professional Services. cybersecurity issues and crypto companies struggling to stay on top of the rising tide of cryptocurrency-related cybercrime. Our team was very impressed with CoinLoan’s initial security standards and we are proud to help them further strengthen these standards and provide our customers with a transparent view of the steps they are taking to keep their investments safe.”
The importance of maintaining uncompromising cyber security is beyond doubt today. Members of the crypto community should be alert to any changes in this field. A good way to achieve the highest security standards is to let cybersecurity professionals do their job. An effective security system should never be kept idle, it should be regularly challenged and tested so that it can flawlessly repel any type of attack.
Editorial contacts:
John Norris / Emma Dodds
Moonlight IQ
Email: coinloan@moonlightiq.com
Phone: +44 (0) 20 7250 4770
About CoinLoan
CoinLoan is an EU-licensed crypto business that started as a project in 2017. Its platform offers instant loans for crypto assets, crypto interest accounts and crypto exchanges. These services are provided to both individuals and legal entities with exceptions in accordance with applicable laws. We provide all our clients with the highest security standards and property insurance, allowing them to enjoy the highest levels of protection.
Its highly competitive loan rates and APY, transparent pricing and 24/7 human customer support services have resulted in high customer retention and satisfaction. The CoinLoan platform enables the exchange and management of a comprehensive and growing range of cryptocurrencies, including their native tokens and fiat currencies.
The company is focused on constant innovation through cutting-edge technology and partnerships, bringing users constant improvements and opportunities in the crypto world.
For more information, visit us at https://coinloan.io/.
About Blaze Information Security
Founded in 2016 by experienced consultants in the computer security scene, Blaze Information Security is a private cyber security firm born from years of combined experience and international presence. Headquartered in Germany, with presence in Portugal, Poland and Brazil, the company serves customers in over 25 countries.
Blaze offers customized offensive cyber solutions for financial services companies, including fintech and crypto. Our elite team of ethical hackers believes in technical excellence, rooted in unparalleled experience delivering complex projects for SMEs and enterprises in industries that include banking, technology, energy, e-commerce, startups and many more.
For more information, visit https://www.blazeinfosec.com
Disclaimer: This is a paid post and should not be treated as news/advice.
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