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LGMS: Malaysia should leverage its cybersecurity expertise to woo more foreign investment

LGMS: Malaysia should leverage its cybersecurity expertise to woo more foreign investment

29 Dec 2023

Malaysia should leverage its cybersecurity expertise which is at par with international standards, and attract more foreign companies to invest here.

Fong Choong Fook, executive chairman of cybersecurity company, LGMS Bhd, said Malaysia’s expertise was acknowledged when Japan’s Mitsui & Co Ltd announced the acquisition of a 25 per cent stake in the company in May this year, a move which would allow LGMS to access Mitsui’s vast global network.

“Mitsui is investing in cybersecurity in Malaysia because Malaysia is fortunate to have a lot of cybersecurity talents compared to our neighbouring countries, and we are exporting our talent services to outside of Malaysia,“ he told Bernama.

LGMS has been exploring opportunities for expansion via proceeds raised from its initial public offering, following its listing on the ACE Market in June last year.

Fong, who was appointed by the Ministry of Transport as a part of the Digital Advisory Committee in March this year, also said that Malaysia is one of the countries in Southeast Asia that offers many cybersecurity courses at the university level, which is not offered in Japan.

He also emphasised the importance of intelligence sharing when it comes to cybersecurity, given that a cyberattack can affect the defence of the country as well.

He added that it is important to invest in cybersecurity to ensure that the country remains cognisant of the latest advancements and threats in the field.

As part of efforts to enhance cybersecurity in Malaysia, the government introduced the Malaysia Cyber Security Strategy (MCSS) 2020-2024.

The move aims to create a safe, trustworthy, and resilient cyber environment while promoting economic prosperity and improving the well-being of the people.

Last month, Prime Minister Datuk Seri Anwar Ibrahim said the Cabinet has agreed in principle to the drafting of the Cybersecurity Bill, focusing on regulatory powers and law enforcement.

To this end, the National Cyber Security Agency will be strengthened to become the leading national cybersecurity agency and the enforcer of the proposed bill. 

Source: Bernama