CoinLoan, a licensed crypto lending platform, recently partnered with Blaze Information Security (Blaze), a cybersecurity firm with an international presence.
The goal of the collaboration with Blaze was to test CoinLoan’s infrastructure, which enhances protection for every user and helps provide the highest level of cyber defense.
Since 2016, Blaze has delivered over 1,500 penetration testing projects for financial institutions. In the words of Julio Cesar Fort, the Managing Partner & Director of Professional Services, “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.”
On June 14, 2022, Blaze launched a 15-day penetration test involving targeted attacks on CoinLoan’s infrastructure.
Based on OWASP Top 10, OWASP Top 10 Mobile, OWASP API Security Top 10, and other security methodology testing, Blaze assessed CoinLoan’s resistance to issues in multiple areas: business logic issues, currency rounding manipulation, financial fraud scenarios, KYC circumvention, and data leaks
According to the results, CoinLoan’s security standards stand out as exceptionally rare, with profound knowledge of potential threats and a 2-hour response time for issue resolution. Julio Cesar Fort concluded, “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.”