Unlocking Cybersecurity Opportunities in Malaysia: Insights from Industry Leaders
Are you a Singapore registered cyber security company looking to expand into Malaysia? Here are a few things you need to know!
Together with SGTech, AIBP hosted a focus group discussion with Singapore cyber security companies and Malaysia industry leaders, about the opportunities and challenges of doing business in Malaysia.
Key questions from Victor Lim Eugene Lam Donald Wee Denny Hee included:
Are Malaysians open to working with non-local companies?
What are key challenges in doing business in Malaysia?
What are the opportunities within Malaysia’s cybersecurity landscape?
Building on the AIBP ASEAN Cybersecurity Study, Azrul Aziz from CyberSecurity Malaysia further suggested Data Sanitisation and Data Protection as areas where tech companies can provide valuable assistance to Malaysian businesses.
Johary Mustapha, very succinctly summarised the conversation into 7 main considerations for Singapore companies to take note of.
1. Perseverance is key when dealing with large companies in Malaysia, but be aware that it may not always yield results.
2. It's common to have bad experiences with Malaysian resellers, so choosing partners wisely is crucial. Although there are over 2000 SMEs in the market, targeting mid-size or larger resellers can be more effective.
3 and 4. Focusing on niche products is a smart strategy, and securing one major client can significantly boost your credibility.
5. Talent retention and trust are vital; if your team frequently changes, customers may be hesitant to work with you due to the inconsistency.
6. Don’t expect one-time wonders. Regular follow-ups with system integrators ( and prospects/ customers) are essential.
7. Malaysia should not be utilised as a validation market.
Datuk Alan See also highlighted business opportunities for companies that can help Malaysian enterprises comply with regulations from the Risk Management in Technology (RMiT) by Bank Negara Malaysia and the Technology Risk Management Guidelines from Securities Commission Malaysia.
And finally, literally hot off the press, shared by Mohamed Kheirulnaim, P.Tech (CS), The Cyber Security Bill 2024 (gazetted less than a week ago but not yet enforced)...
The Cyber Security Bill 2024 was tabled for its first reading in the Malaysian Parliament on 25 March 2024. The Bill aims to safeguard Malaysia's cyber security by requiring critical information infrastructure entities to adhere to specific measures, standards, and processes for managing cyber threats and incidents. It establishes the National Cyber Security Committee, defines the duties and powers of the Chief Executive, and mandates the appointment of sector leads and the licensing of cyber security service providers.
The Bill defines national critical information infrastructure (NCII) as systems whose disruption or destruction would significantly impact essential services or government functions.
It also requires anyone providing or advertising cyber security services to obtain a Cyber Security Service Provider Licence, with the scope of these services to be determined by the Minister.
Stay tuned, as we look to uncover more cybersecurity insights from local industry leaders during AIBP 's regional conference & exhibition:
Bangkok, 16 and 17 July
Jakarta, 6 and 7 August
Kuala Lumpur, 4 and 5 September
Manila, 17 and 18 September
If you’re interested to find out more or to join our next conversation, do feel free to reach out to me at vanessa@industry-platform.com
