CYBERSECURITY outfit LGMS Bhd has inked a partnership agreement with Finland’s WithSecure to develop innovative and user-friendly cybersecurity solutions specifically for local small medium enterprises (SMEs).
The partnership’s objective is to protect SMEs from cyber threats, in line with the country’s digital transformation, and in support of the upcoming national cybersecurity bill that is set to be unveiled by the unity government early next year.
The agreement was signed by LGMS executive chairman Fong Choong Fook and WithSecure CEO Juhani Hintikka at LGMS’s office in Subang Jaya here. The event was witnessed by Deputy Communications and Digital Minister Teo Nie Ching and Finnish ambassador to Malaysia and Brunei Sami Leino.
In her concluding remarks, Teo regarded the partnership agreement as timely and represented a significant leap towards a secured digital economy.
“It is also aligned with the government’s Madani Economy vision of attracting significant foreign direct investments, and generating avenues for technological advancements and innovations,” the Kulai MP pointed out.
“It serves to demonstrate how collaborative efforts can facilitate a robust, secure and prosperous digital ecosystem, thereby solidifying Malaysia’s position as a preferred destination for global tech investments.”
LGMS’ Fong said the company’s collaboration with WithSecure also aims to deliver cybersecurity solutions that are not only robust but intuitive and user-friendly with the ultimate aim of empowering the SME community to navigate the digital landscape confidently and securely.
“Within today’s digital economy, cyber threats and ransomware attacks have become more sophisticated and rampant and potential damages to SMEs which often lack the necessary information technology expertise and resources,” he observed.
“Most SMEs today are just one cyberattack away from a devastating setback or even closure.”
An innovative solution currently in the partnership pipeline is the Made-in-Malaysia StarSentry solution, a plug-and-play model that is more than just a “shield” for SMEs by offering a proactive approach to threat prevention.
This solution is also aligned with broader sustainability goals by embracing the ESG (environmental, social and governance) framework of safeguarding critical infrastructure, nurturing a secure digital community and reinforcing stringent governance standards to ensure transparent business operations.
Fong said pre-orders for the solution can already be made with the product expected to be in the market by 1Q 2024.
Meanwhile, Hintikka said the partnership initiative showcased WithSecure’s endeavour to foster a secure and prosperous digital economy for Malaysia and the region as well as its commitment to crafting solutions that align with local business needs.
“It embodies WithSecure’s ethos of merging global cybersecurity expertise with local insights to foster a safer digital realm,” he noted.
WithSecure is a leading international cybersecurity group which has invested significantly in Malaysia by operating out of Kuala Lumpur for its Asia-Pacific operations.
At the close of today’s market trading, LGMS was up 1 sen or 0.99% to RM1.02 with 363,900 shares traded, this valuing the company at RM465 mil. – Nov 1, 2023