Having a pen testing done by a competent firm is a must have for any project, and with the expertise of QuillAudits it will be done flawlessly. The pen testing process is based on the comprehensive approach we follow to investigate the code for security flaws and potential vulnerabilities, and the best possible ways to mitigate them.
Blockchain pen-testing is a crucial aspect of ensuring the security and reliability of Web3 products. It involves identifying vulnerabilities in the system and mitigating them before malicious actors can exploit them. Here are four key points highlighting the importance of blockchain pen-testing:
Blockchain pen testing helps identify system security vulnerabilities that hackers and attackers could exploit. By detecting these vulnerabilities early, developers can take necessary measures to fix them before they cause damage.
Conducting regular blockchain pen tests helps Web3 product owners to ensure their product meets industry standards and complies with relevant regulations. This can build trust and credibility with stakeholders, investors, and customers.
Blockchain pen-testing can help identify issues that may negatively affect user experiences, such as slow loading times or broken links. By fixing these issues, Web3 product owners can improve user experience and increase user satisfaction.
Addressing security vulnerabilities early on can save Web3 product owners time and money in the long run. It is much cheaper to fix vulnerabilities during the development phase than to deal with the fallout of a security breach after the product has been released.
Blockchain Pen-Testing provides protection for your esteemed Blockchain application. Some of the notable benefits of penetration testing with QuillAudits in-house experts include:
Between 2012 and 2019, approximately $700 million was lost to hackers, with a low 0.2% recovery rate.
In 2020, $300 million was lost to hacks, but $55 million was recovered with an 18% recovery rate.
In 2021, Web 3.0 saw an immense loss of $2.3 billion, but $652 million of the funds were returned to victims, the highest recovery rate to date.
In 2022, Web 3.0 projects lost ~$4 billion to hacks, scams, and exploits, surpassing the total funds lost between 2012 and 2020.
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Explore FAQsA Blockchain penetration test is a security audit of a decentralized application, network or system that uses blockchain technology. It is intended to discover and fix vulnerabilities in the target before a malicious user exploits them.
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