Logsentinel is a company which is passionate of information security and believes in privacy as a human right. Logsentinel mission is to guide the organizations by boosting the IT security services by implementing the latest technologies like blockchain and Artificial Intelligence.
The main aim of Logsentinel is to provide the security solution at a very affordable price. It delivers robust and reliable solutions designed to protect against any data breaches that takes place, as well as ensure high level of compliance with legal standards and regulations. Logsentinel is also dealing in automation and general IT, deep risk management knowledge. Following are the excerpts from the Interview with the CEO of Logsentinel, Bozhidar Bozhanov.
You are the leaders in Regulatory Technologies – How do you define the term Regtech?
It’s a broad term and means any technology that helps with compliance. There are multiple types of regtech – some are strongly focused on a specific regulation or standard, some are general tools that allow data collection and automating compliance procedures or have regulation/standard-specific features. Overall, RegTech transforms document-driven compliance to technology-driven compliance, which is much more effective and cost-efficient.
How big is your team and who are the critical players in your journey to build the successful Regtech company?
We are 11 people and the diverse profiles are what makes the journey possible – information security skills, regulatory experience, automation and general IT, deep risk management knowledge, and even law-making. In order to really match market demand, you need a team of people with 360 degree view on technology, business processes, regulations and risk.
Brief overview about your product/service offering?
We offer a security information and event management system (SIEM) that is easy to setup and use by mid-market organizations. We collect all security logs and audit logs in an organization to provide a 360 degree view on the IT infrastructure with automatic detection of malicious behavior (from both outside and inside threat actors) . This directly translates into covering the requirements of many cybersecurity standards and regulations, both general and industry specific, especially given the reporting capabilities.
What inspired you to build the above product?
LogSentinel aims to provide a state-of-the-art security solution to everyone in an affordable and predictable way. Other tools on the market require big budgets and big security teams, none of which is possible for a company of several hundred people. We want every organization to be secure.
What was the most challenging/critical aspect of your journey as the CEO of Logsentinel?
Finding the right balance between my technical, strategic, organizational and communication duties. Being a CEO of a startup is always a mix of all of those and different stages require different level of involvement.
How did you overcome initial mindset challenges of the regulators/supervisors?
Regulators, supervisors, auditors – all of them benefit from automation as much as the organization that has to be compliant. It comes down to communicating those benefits as well as finding the legal preconditions that allow certain automation.
Where do you see yourself in the next three years?
Always a tough question, given the dynamic market. I have a boring answer about steady growth in multiple geographies, but the most important one is related to our vision – allowing every company to be secure (and therefore – compliant with recent and upcoming cybersecurity regulations), regardless of its size.
Which countries do you feel you can expand to with your offerings?
Because of our channel strategy, we don’t really have a limitation. We build locally specific reports and regulation-to-feature mappings in a matter of days based on partner requests. So far our focus has been Europe, but we are seeing increased interest in North America and Asia.
Have you built any consulting model for the consultants from different countries?
Not yet, apart from the basic referral model.
Your thoughts on use of technologies like Blockchain, Artificial Intelligence, Machine Learning in Regulatory Domain.
Actually, LogSentinel uses blockchain-based cryptography to guarantee the integrity of data (and documents) collected in our platform. We don’t advertise that too much, because the cryptocurrency hype turned “blockchain” into a buzzword that doesn’t mean a lot to the real world challenges of many organizations. It does have its potential in exactly that – guaranteeing integrity of documents and data, but separating the benefits from the hype is tough at the moment. AI and Machine learning usually mean the same thing when used in marketing materials, and they are crucial for automation, especially when moving from a paper-based to a digital world. Digitizing paper documents is the first task that machine learning is here to solve. And it continues with anomaly detection (again, something that we do as well), and even predictions. The possibilities for applying machine learning models are significant – not just for the regulated entities, but for regulators themselves – for example doing machine-learning risk assessment of all the regulated entities makes the regulator’s job much more efficient.