LogSentinel has seized the chance to take part and present its innovative blockchain-based security product in the Elevator Lab Challenge competition organized by Raiffeisenbank. Elevator Lab is the largest corporate fintech accelerator in Central and Eastern Europe. It was created by Raiffeisen Bank International and aims to find the best start-ups in the field of finance and to build long-term cooperation between them and the banks in the Raiffeisen Group.
There were 25 start-ups that applied for the competition, however, only 16 of them succeeded to complete their application. Although there were a huge number of competitors, LogSentinel was among the five start-ups that were selected for the final phase. During the Winner Ceremony, Raiffeisenbank’s international jury was impressed by our information security solution and decided to recognize LogSentinel as the Local Hero of the competition, and given the opportunity to do a proof of concept with Raiffeisenbank Bulgaria.
Blockchain and FinTech?
Nowadays, the cybersecurity needs to keep pace with increasing cybersecurity threats. Leveraging emerging technologies is the only way to keep ahead of these threats and retain a sustained competitive advantage in challenging markets. Raiffeisenbank aims to take advantage of the blockchain revolution to enhance its data security and integrity.
With the help of LogSentinel, Raiffeisenbank will be able to address one of the key success factors in business – trust. The levels of internal security will be increased as no one will be able to make any changes to the critical data without being noticed. Each time when there are any unauthorized or abnormal critical data modifications, LogSentinel will alarm as it has real-time monitoring capabilities combined with fraud detection rule-based functionalities. By design, the logs of every activity are stored securely in the blockchain and no one, even the local administrators, is able to erase this evidence or to hide them.
The transparency in the digital world can spill over to the physical one, increasing the trust in the Bank’s operations and assuring its clients, contractors, and regulators. The solution will provide visibility on the data management and even the unintended human errors will be immediately caught and prevented.
In a similar vein, governments are concerned about security and are thus taking measures by implementing new rules and regulations. LogSentinel can alleviate the burden of managing many different systems as it can be used as centralized monitoring of all processes that require the bank to keep an audit trail. Such developments spur organizations to not only increase their level of compliance but also gives them the opportunity to optimize their internal processes and achieve a higher level of information security and data protection.
Other than that, LogSentinel gained the rare chance to implement its cutting-edge data security software in Raiffeisen not only because it is already a stable release in production but also successfully adopted by other large customers. Those use cases have demonstrated our product’s ability to be easily integrated into large-scale systems at а sustainable performance.
During the final phase of the competition our CEO presented to Raiffeisenbank some of the success stories. LogSentinel is used by the Bulgarian e-Government to keep logs for all citizens’ data access requests. As a result the civil control over data access is increased. LogSentinel is already in use for ensuring legal compliance and strengthening information security for financial and non-financial transactions.