Visa Innovation Program | Source: Visa Innovation
About Visa Innovation Program
Visa Innovation Program, powered by Eleven Ventures and Visa, is created to address some of the most challenging problems in the financial industry, with the main focus on end consumers, small enterprises, and financial institutions. The program gathers know-how and talent of ambitious FinTech companies from 4 continents in one place. The goal is to give startups the chance to gain practical knowledge, market access, and ultimately to shorten their sales enterprise cycles. Upon the completion of the program best solutions will be invited for pilot projects with Visa and Visa partners – Postbank, DSK bank, UBB, Fibank, and Raiffeisenbank.
In July 2019 more than 50 growth-stage startups were reviewed by a Selection Jury comprising of experts from Visa and Eleven. LogSentinel’s information security solutions were recognized and placed among the shortlisted 11 startups with the best offering for financial institutions. During Visa Innovation Program Selection Day, Anton Gerunov’s pitch in front of the jury solidified LogSentinel’s place in the program as one of the six selected companies with the potential to revolutionize the banking sector. Currently, LogSentinel is scoping different use cases for pilot projects with the major banks, part of the Visa Innovation Program.
Anton Gerunov, Ph.D., co-founder of LogSentinel pitching in front of Visa Innovation Selection Jury | Source: Visa Innovation
LogSentinel revolutionizes the way the finance industry manages information security risk
In 2019, IBM reported an increase of more than 10% of the average cost of a data breach, accumulating to $3.92 million per data breach. The study found that the average cost of a data breach, particularly in the financial sector is as high as $5.86 million and the likelihood of experiencing one in the next two years is as much as 29.6%. To tackle these challenges LogSentinel developed information security solutions that keep critical data safe at scale, effectively preventing data breaches. Our solutions cover blockchain-protected unmodifiable audit trail, rule-based, and AI-driven fraud detection with real-time alerting and advanced database encryption layer with per-record encryption.
Financial organizations have many integrated systems and employees with access to critical data and every one of them is a potential threat. In fact, 67% of all information security incidents are conducted by internal staff. LogSentinel’s unmodifiable audit trail stops insiders from breaching information security, by keeping all logs, data, and documents protected by blockchain technology, rendering data breaches virtually impossible. By design, the logs of every activity are stored securely in the blockchain and no one, even privileged users, is able to erase this evidence or hide them. In addition, LogSentinel provides an AI-driven fraud detection module that detects, visualizes, and alerts in real-time of any kind of anomalous activity and gives the ability for immediate corrective measures. Furthermore, addressing outside threats, LogSentinel’s advanced database solution uses complex encryption so that every single entry of the database is encrypted, and data breaches are practically impossible. LogSentinel’s solutions bring full compliance with data privacy regulations and standards (GDPR, PSD2, ISO 27001, PCI DSS) through easy integration with existing IT systems.
LogSentinel revolutionizes the way the finance industry manages information security risk and has already been trusted by market leaders such as Raiffeisenbank, IBM, iCard, etc. In the last year alone LogSentinel has been recognized with many cybersecurity and innovation awards such as Central European Startup Awards Bulgaria – Best Newcomer and Best AI/Machine Learning Startup, First Prize at DigitalK Startup Innovation, 1st Prize at Pioneers.GovTech in Vienna, and the Local Hero award at Elevator Lab, the largest corporate fintech accelerators in Central and Eastern Europe, created by Raiffeisenbank. This summer’s the Visa Innovation Programme, gives LogSentinel the opportunity to scope pilot projects with some of Visa’s partners and once again proves its potential to redefine cybersecurity.
International market leaders are trusting LogSentinel to keep their sensitive data safe. If you would like to find out how LogSentinel can improve your organization’s information security, request a free demo today:
Denitsa Stefanova is a Senior IT Business Analyst with solid experience in Marketing and Data Analytics. She is involved in IT projects related to marketing and data analytics software improvements, as well as the development of effective methods for fraud and data breach prevention. Denitsa supports her IT-related experience by applying her skills into her everyday duties, including IT and quality auditing, detecting IT vulnerabilities, and GDPR-related gaps.
