Raiffeisenbank Bulgaria Awards LogSentinel and Starts Scoping Information Security Project on the Blockchain

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.

Elevator Lab

Elevator Lab Bulgaria | Source: www.elevator-lab.com

The Competition

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 cyber security needs to keep apace with the increasing cyber security 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 on 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 these evidences 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.

fintech-event-blockchain-logging

FinTech | Event Logging Scheme | LogSentinel

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 a centralized monitoring of all process that require the bank to keep an audit trail for.  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 sustainable performance.

The Outcome

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.

Local Hero 2018 Recognition

Elevator Lab Bulgaria | Local Hero recognition | Speech: Bozhidar Bozhanov, CEO of LogSentinel

If you would like to see yourself how LogSentinel can improve your organisation’s information security systems, sign up free and find out more about our software.