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. 

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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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This article is sponsored by MDEC

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