It’s estimated that global crypto companies lost a hefty sum of $1.3 billion as a result of hackers’ wrongdoings in the first quarter of 2022.
Few companies in the industry so vulnerable to cybercrime can boast zero-incident safety, and CoinLoan is one of such companies.
To enhance its hardline security measures and make them even more efficient, CoinLoan has partnered with Blaze Information Security, a provider of financial cybersecurity solutions that has earned wide recognition across the globe.
Blaze helps companies improve their resilience against cyberattacks by analyzing and testing current security configurations, finding any vulnerabilities, and offering better settings to eliminate them.
Besides CoinLoan, customers of Blaze are top banking institutions, FinTech companies, and crypto projects. This cooperation is intended to ensure the uncompromised safety of CoinLoan funds and create the crypto app immune to any types of attacks.
As part of the 15-day testing of CoinLoan’s security system, Blaze launched several targeted attacks on its platforms, thus showing the maximum negative impact there can be.
The results were remarkable, as Blaze noted CoinLoan’s top-notch security measures and deep awareness of any possible threats which helped the crypto company tackle every issue in merely two hours.
Blaze conducted the security testing based on standard awareness documents for developers and web application security including OWASP Top 10, OWASP Top 10 Mobile, and OWASP API Security Top 10. Additionally, it applied an advanced testing methodology elaborated through
the years of its experience in cybersecurity. As a result, Blaze assessed the chances of CoinLoan facing any issues concerning the following aspects:
- Business logic issues
- Race conditions
- Currency rounding manipulation
- Financial fraud scenarios
- KYC circumvention
- Data leaks
Later on, the Blaze team collaborated with CoinLoan experts in order to find any loopholes in the security system. Once again, the CoinLoan team has proved to be true professionals, having dealt with all issues smoothly.
CoinLoan CTO Max Sapelov commented on the cooperation: “While CoinLoan’s security experts regularly perform internal security audits and code reviews and our Bug Bounty program lets white-hat hackers test our system for bugs and vulnerabilities, we believe that every company that puts the highest priority on security must undergo penetration testing by a professional third-party auditing company.”
“We chose Blaze because they have the experience and know-how needed to test specific factors unique to the crypto sphere.”
“Over the past six years working with financial institutions, we have successfully completed over 1,500 penetration testing projects,” said Julio Cesar Fort, the Managing Partner & Director of Professional Services, “In that time, we have seen multinational banks with untold numbers of cybersecurity issues, and crypto companies struggling to stay on top of the rising tide of crypto-related cybercrime.”
“Our team was very impressed with CoinLoan’s initial security standards, and we are proud to have helped them further strengthen these standards and provide their customers with a transparent look at the steps they are taking to keep their investments safe.”
The importance of maintaining uncompromised cybersecurity is beyond any doubt nowadays. Members of the crypto community should be alert to all changes in this field.
A good way to achieve the highest security standards is to let cybersecurity professionals do their job. An efficient security system should never be kept idle, it should be regularly challenged and tested in order to be able to faultlessly repel any kind of attack.
CoinLoan is an EU-licensed crypto business that started as a project in 2017. Its platform offers Instant Loans against cryptoassets, Interest accounts in crypto, and Crypto Exchange.
These services are rendered both to individuals and corporate entities with the exceptions as required by the applicable laws. It provides all its clients with the highest security standards and assets insurance, enabling them to benefit from the highest levels of protection.
Its highly-competitive loan and APY rates, transparent pricing, and 24/7 human customer support service have resulted in high customer retention and satisfaction. CoinLoan’s platform allows swapping and managing a comprehensive and growing range of cryptocurrencies, including its native token and fiat currencies.
The company is focused on continuous innovation through state-of-the-art technology and partnerships, bringing customers constant improvements and possibilities within the crypto world.
For more information, please visit its website.
About Blaze Information Security
Founded in 2016 by experienced consultants in the computer security scene, Blaze Information Security is a privately held cybersecurity firm born from years of combined experience and international presence.
Headquartered in Germany, with a presence in Portugal, Poland, and Brazil, the company serves customers in over 25 countries.
Blaze offers custom offensive cyber solutions for financial services companies, including fintech and crypto.
Its elite team of ethical hackers believes in technical excellence, rooted in unparalleled experience to deliver complex projects for SMBs and enterprises in industries that include banking, technology, energy, e-commerce, startups, and many more.
For more information, visit the website.
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