This paper reports a detailed cryptanalysis of a recently proposed encryption scheme based on the logistic map [A. Pisarchik et al., Chaos 16, 033118 (2006)]. Some problems are emphasized concerning the key space definition and the implementation of the cryptosystem using floating-point operations. It is also shown how it is possible to reduce considerably the key space through a ciphertext-only attack. Moreover, a timing attack allows for the estimation of part of the key due to the existent relationship between this part of the key and the encryption/decryption time. As a result, the main features of the cryptosystem do not satisfy the demands of secure communications. Some hints are offered to improve the cryptosystem under study according to those requirements.