LGMS Bhd executive chairman Fong Choong Fook
KUALA LUMPUR: LGMS Bhd
, bolstered by the rising demand for cybersecurity services and solutions, has increased its workforce substantially and plans to more than double its number of skilled professionals by mid-2025.
To date, the cyber security company has grown its team to 150 employees from 90 earlier this year.
"The cybersecurity landscape is expanding rapidly.
"This growth is also driven by the recent enactment of the National Cybersecurity Act, which has raised the bar for security standards while also increasing demand for cybersecurity services across all critical national infrastructures,” LGMS said in a statement today.
The act outlines stringent security protocols for eleven sectors identified as Critical National Information Infrastructures (CNIIs), requiring them to enhance their cybersecurity measures to protect against evolving threats.
LGMS executive chairman Fong Choong Fook said that the group’s various teams have been working tirelessly and ‘up to our eyeballs with projects due to increased demand for our services’.
Meanwhile, LGMS reported higher revenue of RM10.26 million in the third quarter ended Sept 30, 2024 (3Q 2024), marking a 22.73 per cent increase compared to the RM8.36 million revenue posted in the previous corresponding quarter.
This revenue rise was attributed primarily to the cyber risk management and compliance segment, buoyed by a larger client base that includes sectors such as financial institutions, technology, and telecommunications conglomerates.
The group’s profit before tax slipped marginally to RM2.87 million for the quarter under review compared to RM3.06 million in 3Q 2023 due to ongoing expenses related to the expansion of its workforce, coupled with investments in new solutions and cybersecurity equipment.
"These investments future-proof our company’s already strong fundamentals by further strengthening and protecting LGMS’ intellectual property and competitive edge,” said Fong.
LGMS had introduced the user-friendly plug and play StarSentry cybersecurity solution aimed at the SME sector. The solution has also seen demand and interest from large enterprises and government bodies.
The StarSentry, introduced and launched by Digital Minister Gobind Singh Deo last June, was described by the minister as a groundbreaking solution and a breakthrough in providing accessible, advanced cybersecurity, enabling businesses to significantly enhance their cybersecurity postures.
"Demand for StarSentry has been growing progressively, thanks to its efficacy and ease of use for SMEs,” Fong said.
To broaden its market reach, LGMS has entered into a distribution agreement with Vstecs Bhd, aiming to scale StarSentry for the wider SME community throughout Malaysia and neighbouring countries.
Looking forward, LGMS is setting sights on expanding further into international markets, with plans to venture deeper into the cybersecurity sectors of Singapore, Cambodia, Vietnam, New Zealand, South Korea and Japan.
The presence of Japan’s Mitsui & Co Ltd, which holds a 25 per cent stake in LGMS and has personnel based at the company’s headquarters in Subang Jaya, enhances LGMS’ expansion capabilities.
"The Mitsui ecosystem significantly broadens our horizons and opportunities in the global cybersecurity landscape,” Fong said. - Bernama
