Cyber threats on the rise? Check. Economic toll due to escalating cybercrimes? Check. The need for airtight cybersecurity has never been more critical. With every breach, the stakes get higher, pushing governments to the forefront in the battle for data protection. They know that strong cybersecurity is not just about safety—it’s the backbone of national security and economic stability.

Landscape of cybersecurity in Malaysia

Malaysia is navigating a cybersecurity minefield, with threats lurking at every turn. According to CyberSecurity Malaysia, the country battles an average of 31 cyber incidents daily—ranging from fraud to data breaches, and hacking. In 2021 alone, the nation was afflicted by over 20,000 cybercrime cases. This caused significant financial fallout, underscoring the urgent need for robust cybersecurity measures.

These aren’t just abstract figures. Cybercrime impacts industries across the board, affecting everyone from corporate boardrooms to average consumers. Ransomware, phishing, and DDoS attacks are the usual suspects, wreaking havoc on businesses and their bottom lines. Take, for instance, the data breach at a major telecom company in early 2023, which left 1.5 million customers exposed. This breach wasn’t just a blip on the radar. In fact, It was a stark reminder that even the largest corporations are vulnerable.

The education sector wasn’t spared either, with a significant breach at a leading university compromising sensitive student and faculty information. This incident sent shockwaves through the academic community, highlighting the risks associated with storing vast amounts of personal data. Even the government sector felt the sting, with 22 per cent of reported breaches targeting government agencies, raising concerns about national security.

According to Malaysia Computer Emergency Response Team’s (MyCERT) Cyber Incident Quarterly Summary Report (Q2 2024), cybersecurity threats remain a persistent concern for businesses and individuals alike. Fraud was the most reported incident in the second quarter of 2024, accounting for 63.94 per cent of all reported incidents. Malicious codes followed, which made up 11.01 per cent, and data breaches, representing 7.90 per cent of reported incidents. 

Also Read: Malaysia Digital status companies pioneer growth in the competitive semiconductor industry

Critical shortage of cybersecurity professionals

The trends cited above highlight the growing sophistication and frequency of cyberattacks in Malaysia. This further underscores the importance of the nation’s cybersecurity initiatives. Malaysia Digital Economy Corporation’s (MDEC) cybersecurity efforts align with the Malaysia Cybersecurity Act 2024. 

The Act provides a comprehensive legal framework for data privacy and the enforcement of cybersecurity measures. It lays the groundwork for collaboration between private companies and government agencies, ensuring a more secure digital economy. Through these efforts, MDEC continues to catalyse innovation in cybersecurity. It is thus helping to safeguard Malaysia’s citizens and businesses while fostering the growth of a globally competitive digital economy.

But the real kicker? A critical shortage of cybersecurity professionals. Malaysia needs 12,000 more experts by 2025 to effectively fend off rising cyber threats. This talent gap isn’t just a statistic; it’s a ticking time bomb that could leave businesses and infrastructure vulnerable. Without enough skilled professionals, the nation’s cybersecurity defenses may falter, creating opportunities for cybercriminals to exploit weaknesses.

Also read: Malaysia’s Tech and Industrial IoT Takes Off with a Technology Showcase at SEMICON 2024

Local companies at the forefront: Securematic and AKATI Sekurity

Yet, all is not doom and gloom. Malaysia’s cybersecurity landscape is lit with Malaysia Digital (MD) status companies who are local champions leading the charge, each bringing their own unique strengths to the fight against cybercrime.

First, Securemetric is at the cutting edge, specialising in securing mobile, digital identification and online transactions. They provide solutions in mobile security, digital identity, and online transactions. Edward Law, CEO of Securemetric, is a pioneer in the field of Digital ID. When he founded Securemetric in 2007, he saw the need for Digital ID. Fast-forward 17 years later, Law says they have successfully implemented national-scale Public Key Infrastructure (PKI) projects in 7 out of 10 Southeast Asian countries, along with numerous enterprise-level security solutions. This recognition drives Securemetric to push further and explore ways to enable ASEAN cross-border digital identities in the future.

Second, AKATI Sekurity is another titan in the field, leading in cyber defense operations. CEO, Krishna Rajagopal, shares, “We serve over 500 clients, providing round-the-clock security monitoring and a suite of services that address the full spectrum of cybersecurity needs.” Rajagopal continues that their approach is unique as they offer both defensive and offensive security services. They utilise real-world adversarial attack simulations to identify vulnerabilities and bolster their clients’ cyber defences.

This is what sets it apart in the crowded cybersecurity market. This year, it was  ranked #9 in the prestigious MSP501 by Channel Futures and Informa Tech. This accolade places it among the top 501 Managed Service Providers (MSPs) globally.

Local companies at the forefront: FIRMUS, Nexagate, and beyond

FIRMUS has evolved from a humble cybersecurity assessment provider to a comprehensive solutions powerhouse. Accordingly, they offer everything from expert consulting to incident response. Among the awards they have received are the Best Employer Award by the Human Resource Development Corporation (HRD Corp) and Malaysian Institute Of Human Resource Management (MIHRM), and the prestigious Cybersecurity Award from Asian-Oceanian Computing Industry Organization (ASOCIO).

“Beyond these, we also achieved a significant milestone with our vendors by becoming Malaysia’s first CrowdStrike Elite Partner and securing the best Privileged Access Management (PAM) win with CyberArk,” shares CEO of FIRMUS, Datuk Alan See. Recently, FIRMUS’s leadership in the field of cybersecurity was recognized when they were acquired by TechMatrix Corporation. TechMatrix, listed on the Tokyo Stock Exchange, is a well-known system integrator in Japan.

Nexagate, since 2010, has been on a mission to protect organisations with its Managed Security Services and risk management solutions. Their proprietary platform, Nexa Security Intel (NSI), is the jewel in their crown. It is used by over 40 key organizations across Southeast Asia. Khairil Effendy, founder of Nexagate, shares, “We are proud to have expanded our client presence in Indonesia, Singapore, Brunei, and Laos, which aligns with our mission to be the cybersecurity leader in Asia.”

Effendy continues that their recently opened an office in Jakarta, Indonesia, further solidifies their commitment to the region. Evidently, Nexagate’s approach is holistic, focusing not just on preventing attacks but also on building resilient security postures. These postures can adapt to the evolving threat landscape underscores their commitment to scale solutions effectively.

Other cybersecurity companies to watch out for are Delta Spike Asia and VulsanX. Notably, they use AI and analytics in their solutions and offerings to do advanced threat prediction & detection.

Cybersecurity and the Cyber100 Programme

The digital economy is projected to account for 25.5 per cent of GDP by the end of 2025. Thus, it’s no wonder that cybersecurity has become a key focus for Malaysia’s Minister of Digital, Gobind Singh Deo. “As our economy continues to transition to new digital paradigms, the government’s commitment to securing our digital landscape is further heightened. In this context, cybersecurity has evolved from a specialized concern to what we term as a fundamental necessity,” says Deo at the launch of StarSentry, a plug and play cybersecurity box developed by LGMS.

The stakes in cybersecurity have never been higher. MDEC is working together with MD status companies to address these threats via several key initiatives. Most notable among its efforts is its Cyber100 programme. Launched in collaboration with the National Cyber Security Agency (NACSA), Cyber100 is Malaysia’s first Cybersecurity Innovation Challenge Programme. It seeks to address critical national cybersecurity challenges by encouraging the development of local solutions tailored to the specific needs of various industries. The initiative empowers local cybersecurity service providers by offering a platform for innovation, skills development, and access to vital resources, helping companies pilot their cybersecurity solutions in real-world scenarios.

Also read: Digital health: Malaysia leads in powering ASEAN’s transformation

Malaysia at the forefront of cybersecurity

Under the Cyber100 programme, Malaysian Digital (MD) status companies are tasked with addressing issues ranging from threat detection to identity management and endpoint protection. Through partnerships with local cybersecurity service providers, MDEC ensures that Malaysia’s digital ecosystem remains secure, while also encouraging the growth of a robust cybersecurity industry that can scale globally. 

MDEC’s efforts are further supported by Malaysia’s achievement of Tier 1 status in the ITU Global Cybersecurity Index 2024, solidifying its position as one of the leading nations in cybersecurity readiness and resilience. This top ranking reflects Malaysia’s strong governance frameworks, public-private partnerships, and consistent efforts to build world-class cybersecurity capabilities.

With threats evolving daily, the fight to protect Malaysia’s digital landscape is relentless. It’s a collaborative effort—uniting government initiatives, private sector innovation, and continuous education. By staying vigilant, investing in cutting-edge solutions, and fostering a unified front, Malaysia can secure its digital future and maintain the trust of its citizens and global partners.

MDEC offers various programmes for Malaysia Digital status companies. Apply for Malaysia Digital status here.

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Sentiance, a Belgium-based mobile-first motion insights company looking to reduce road accidents, has acquired Bangkok-headquartered fleet intelligence platform DRVR in an undisclosed deal.

With over a million lives lost on roads each year, both companies seek to make a lasting impact, starting with strengthened efforts across Asia and continuing to drive innovation in road safety worldwide.

The European company has integrated DRVR’s team, leadership, and clients.

“Sentiance’s standout on-device processing technology enables data to be processed directly on smartphones, enhancing privacy and reducing costs,” said David Henderson. “In addition, Sentiance’s evidence-based motorcycle safety solution is tailored specifically for the on-demand economy, pushing boundaries in safety technology and setting new standards for the industry.”

“With David and his exceptional team now onboard, we are poised to elevate our support for clients across ASEAN and beyond. Together, we are committed to advancing safety-first, privacy-driven solutions to address road safety challenges worldwide.”

Also Read: DRVR secures funding to grow its fleet analytics platform

Sentiance is a road safety technology company. With its AI on-device technology, companies use insights from the Sentiance Edge Platform to produce scalable, cost-efficient, and privacy-centric solutions for their customers.

Founded by a team of seasoned telematics experts, DRVR focuses on enhancing driving behaviour. Its app-based solutions utilise smartphone sensors, AI, machine learning, and gamification techniques to deliver powerful insights and business risk management solutions.

The company has partnered with industry leaders like PT Nagase in Indonesia and HERE Technologies.

In 2020, DRVR raised an undisclosed amount of funding from Smart Axiata’s Digital Innovation Fund to expand its services into Cambodia. Previously, it secured US$450,000 from an undisclosed group of investors and had earlier secured a small round of funding from an angel investor group in Hong Kong.

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SGX-listed 17LIVE Group, the leading live-streaming platform in Asia, has acquired 100 per cent of the outstanding shares of Japan-based N Craft Co.

N Craft is a production company that develops and manages virtual talents and creates engaging content that connects with fans through live performances and interactive experiences.

The transaction details of the deal remain undisclosed.

Also Read: Former top Vertex exec Jiang Honghui joins 17LIVE Group as CEO

The strategic acquisition will bolster 17LIVE’s V-Liver business segment by adding production and talent development capabilities within the group.

With the integration of N Craft’s expertise and team, 17LIVE will manage the existing V-Liver business and facilitate the transfer of approximately 140 V-Livers into the group. N Craft’s V-iii brand, which focuses on nurturing new V-Liver talent, will complement the existing roster of V-Livers on the 17LIVE platform and those associated with NexuStella, another production company under the group.

Both entities will collaborate to enhance the IP talent business, implement innovative initiatives, and jointly develop a new V-Liver production brand.

17LIVE is a pure-play live-streaming platform in Japan and Taiwan. Its business lines include Liver live-streaming, V-liver live-streaming and other businesses such as in-app games and live commerce. Its key markets are Japan and Taiwan, and it has a presence in Hong Kong, Singapore, the United States, the Philippines, India, and Malaysia.

The global anime market, valued at approximately US$31.23 billion in 2023, is projected to grow at a CAGR of 9.8 per cent, with Japan accounting for over 40 per cent of global revenue. Within this landscape, the V-Tuber market—a vital component of the V-Liver segment—currently stands at around US$500 million and is experiencing rapid growth.

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In today’s digital world, online gaming has become more than just a pastime—it’s a global community where players can access unique items, level up their skills, and enhance their gaming experiences. However, gamers face significant risks when trading or purchasing accounts and items online. In addition to challenges of time, expense, and fragmented access to reliable information, there are other issues. This includes scams, hidden fees, unreliable transactions, and isolated communities have made it difficult for players to find a trustworthy, efficient, and informative platform. 

Challenges in the online gaming marketplace: Protecting players from fraud, high costs, and fragmented communities

The current landscape for gamers who want to buy or sell accounts, in-game items, or professional services can be challenging. Many rely on forums or social media groups where transactions lack verification. This leaves both buyers and sellers at risk of fraud. Beyond security, players face additional frustrations. This includes inflated fees, time-consuming searches for legitimate offers, and limited access to insights or helpful information on how to improve gameplay or identify valuable items.

For example, buying rare in-game items or high-level accounts can be risky. There is often no way to verify that what’s advertised matches what’s delivered. Plus, inflated fees and unregulated marketplaces mean players often spend more than necessary. Moreover, without a central community to engage with, gamers miss out on valuable industry news, gameplay tips, and the chance to connect with others who share their interests.

PlaySwap was founded to solve these issues by creating a reliable, cost-effective, and user-friendly marketplace where gamers can save time and money while accessing the latest online gaming news, how-to tips, and a thriving, supportive community. With PlaySwap’s commitment to transparency, robust safety measures, and community engagement, gamers now have a one-stop platform for all their needs.

Also read: From niche hobby to billion-dollar industry: The meteoric rise of esports

PlaySwap: Bringing accountability, efficiency, and community to online gaming transactions

The platform was founded by CEO Hoang Minh Tong, who recognized the need for a safer, more transparent, and efficient marketplace in the online gaming industry. His vision for PlaySwap was born out of a desire to eliminate the risks and expenses associated with online gaming transactions. Furthermore, he wanted to create a comprehensive platform where buyers and sellers could interact without fear of scams, excessive fees, or wasted time.

“As a lifelong gamer and former game programmer, I’ve always been passionate about the gaming world,” says Mr. Tong. “I saw firsthand the challenges gamers faced, not only with scams but with the time and money wasted trying to find reliable services and information. I wanted to create a platform that solved these issues—offering security, savings, and a real community. That’s why I created PlaySwap.”

Collaborating with industry experts who shared his vision, Mr. Tong set out to build a platform that would revolutionize the online gaming e-commerce space, giving gamers a reliable, cost-effective environment to buy, sell, and trade with confidence and access the latest in gaming knowledge.

Saving gamers time and money, building a global community

PlaySwap’s platform is designed to save users time and money. By offering transparent pricing, reasonable commission fees, and fast payouts, sellers maximize their profits, while buyers avoid hidden fees. Additionally, PlaySwap’s search and recommendation features simplify the process of finding accounts and items. In effect, this reduces the time gamers need to spend on transactions. Meanwhile, secure payment options, 24/7 support, and a 10-day money-back guarantee empower players to trade confidently, knowing that PlaySwap stands behind every transaction.

PlaySwap goes beyond being a marketplace—it’s a global community where gamers can connect, learn, and thrive. With a focus on user-driven content, members access a wide array of online gaming resources, including news, expert guides, how-to tips, and entertaining highlights. PlaySwap’s community extends across Facebook, Instagram, Discord, YouTube, TikTok, Twitter, and the PlaySwap Affiliate Program. This affiliate program offers generous commissions and exclusive rewards, fueling community growth and engagement. Across these platforms, gamers enjoy highlights, trending memes, industry news, and guides. This creates a space to laugh, learn, and earn together.

To support its community, PlaySwap hosts regular events, offers loyalty rewards, and builds a knowledge base filled with helpful resources. As a result, it has become a trusted destination for both trading and learning. “We’re building something more than a marketplace,” says Mr. Tong. “PlaySwap is a place for gamers to grow, connect, and make the most of their time and investments.”

Also read: Adapting to change: The future of game monetisation in 2024

The future of value-driven online gaming marketplaces

Under the leadership of CEO Hoang Minh Tong, PlaySwap continues to evolve as a solution to long-standing challenges in the online gaming industry. By prioritizing security, savings, and community, PlaySwap is reshaping how gamers buy, sell, and engage with the gaming world. As the platform grows, it aims to introduce new features, streamline its search and verification processes. It also aims to expand its global network of gamers, continuously refining the marketplace for an even better user experience.

For those seeking a comprehensive and secure platform to trade online gaming assets, save time and money, and stay informed, PlaySwap presents an ideal option. Gamers can explore all that PlaySwap has to offer and join a growing community of dedicated players worldwide. 

Learn more by visiting PlaySwap’s official website: https://playswap.gg/

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In today’s competitive landscape, launching a product or service with a global tech giant can seem like an insurmountable task. Yet, some companies have cracked the code of open innovation, demonstrating how networks, strategy, and a deep understanding of cultural nuances can play a pivotal role in achieving success.

Below are key insights on how open innovation thrives, the challenges involved, and the strategies startups can use to scale in this environment.

Winning strategies for global open innovation

To successfully engage in open innovation, startups must take a multi-faceted approach. Joining specialised accelerators, seeking investment from venture capitalists, and increasing visibility on platforms like Crunchbase and Pitchbook is essential for creating collaboration opportunities. These platforms allow large corporations to easily discover startups with the specific technologies they need.

LinkedIn also plays a crucial role in building global connections. By developing a strong presence and network, startups can directly engage with open innovation departments at large corporations. Startups should adopt multiple strategies at once to broaden their reach and boost their chances of securing partnerships with global giants.

Leveraging networks in AI SaaS launches

When launching an AI SaaS product with a global company, industry networks play a critical role. Startups with strong connections to key players like Softbank, Microsoft, and Salesforce gain easier access to decision-makers, which opens up opportunities that would otherwise be difficult to access.

However, having a robust network alone doesn’t guarantee success. Startups must also have a deep understanding of the challenges their partners face and maintain clear communication while aligning mutual goals. Collaboration and continuous coordination are vital for ensuring a smooth product launch. In this context, a strategic approach to utilising networks becomes essential for scaling and success, particularly in open innovation environments.

Also Read: The synergy of AI and DeFi: Shaping the future of finance

Building these networks isn’t easy for every startup, especially in international markets. It can seem daunting, but through targeted efforts, meaningful connections with the right companies can be made. Participating in startup events and working relentlessly to grow these connections are critical. While it requires strategic persistence, any startup can ultimately establish the right business network to drive their success.

Adapting fast: The silicon valley survival playbook

In Silicon Valley’s highly competitive landscape, the ability to adapt and learn quickly is crucial, especially when engaging in open innovation with global corporations. Startups often collaborate with large companies during proof-of-concept (PoC) stages, where flexibility and responsiveness are essential.

With fierce competition and rapidly evolving technology, startups must pivot and refine their solutions based on market feedback and partner needs. In open innovation, speed and adaptability are essential. Those who can quickly respond to challenges and feedback are the ones who thrive, while others risk being left behind.

Japan’s open innovation playbook: A guide for startups

Japan is a leader in open innovation, particularly among its large corporations. These companies have long understood the value of collaborating with startups in fields like AI and frontier tech. What sets Japan apart is its clear and defined future business strategies, which often guide these collaborations.

For startups looking to work with Japanese corporations, aligning their technology with the company’s pre-existing strategies is crucial. Startups without a proven product or track record may find it challenging to secure collaborations. However, once the viability of their technology is demonstrated, open innovation in Japan can lead to significant growth.

 The venture-client model: A total game-changer

One of the most important trends in open innovation today is the “venture-client model,” where startups become clients of large corporations. This model offers startups the opportunity to gain valuable real-world experience through long-term contracts and co-development while helping large companies solve business challenges.

Also Read: How corporate innovation in Vietnam is fledgling the B2B startup ecosystem

For startups, this model is a game-changer, as it allows them to prove their technology on a large scale, gaining credibility and increasing revenue potential. The venture-client model has emerged as a win-win for both startups and corporations, fostering long-term innovation and mutual growth.

Navigating regional challenges: Going global with a local twist

As startups expand globally, understanding regional market challenges and regulations is vital. For example, the biotech industry faces stringent regulatory hurdles, while software companies need to focus on localisation to meet the specific needs of users in various regions.

Localisation is essential for global success. By adapting products to meet local market demands, startups can ensure their solutions resonate with users worldwide, improving the chances of successful global expansion. Tailoring solutions to fit the needs of each market ensures that startups can thrive in different regions.

Thriving in uncertainty: Mastering agility for startups and corporations

With rapid technological advancements and constantly shifting market conditions, uncertainty is the new norm. Both startups and large corporations must adopt a mindset of agility and action to navigate these uncertainties. Large companies need clear strategies to address market shifts and identify new business drivers for growth.

Startups, meanwhile, should focus on expanding their networks and ensuring they don’t miss out on open innovation opportunities as they arise. By maintaining flexibility, constantly learning, and adapting both startups and corporations can position themselves to succeed in this evolving business landscape.

In an era where innovation is key to scaling and succeeding, startups must strategically engage in open innovation with global giants. By leveraging networks, adopting multiple strategies, adapting quickly, and tailoring solutions to global markets, startups can position themselves for sustainable growth. Open innovation offers both challenges and opportunities, but for those ready to seize them, the rewards can be transformative.

A special thanks to Sun Choi, Founding Partner at 2080 Ventures, for sharing invaluable insights that helped shape this article.

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