SUBANG JAYA: Home-grown cybersecurity consultant LGMS Bhd is expanding its services and setting its sights on premium customers in both local and overseas markets across a wider range of industries.
LGMS founder and executive chairman Fong Choong Fook (pix) said that focusing on more sophisticated clients will allow the company to secure better revenue and higher margins while catering to the needs of security-conscious organisations.
“Today, the world is a level playing field. There isn’t much difference in terms of certain countries or its proprietary know-how. Therefore, when it comes to cybersecurity, LGMS has been focusing on advanced areas of cybersecurity. We are currently engaged in some highly sophisticated projects.
“If we compare working on simple projects to working on more sophisticated ones, it is obvious that the latter would attract more serious customers, leading to better revenue and higher margins. Hence, our strategy is to prioritise working with these more serious customers who are particularly concerned about security,” he told SunBiz.
However, Fong said Malaysia lacks premium customers which is why during a potential economic downturn, the trend shows that security budgets are often reduced.
“However, hackers remain indifferent to these fluctuations and continue their attacks. It is primarily the premium customers who recognise the significance of cybersecurity.
“The premium customers understand the need to maintain and even increase their security budgets. They are aware that hackers are becoming more aggressive, launching increasingly sophisticated attacks, particularly in critical situations. This is why we prioritise premium customers,” Fong explained.
This move aligns with Fortune 100 Mitsui & Co Ltd’s strategy which recently had acquired an additional stake in LGMS, resulting in Mitsui becoming the second-largest stakeholder in the company.
The ¥8.09 trillion (RM265 billion) conglomerate itself also operates a wholly owned cybersecurity subsidiary Mitsui Bussan Secure Directions Inc since 2001 which specialises in cybersecurity services for blue-chip Japanese companies.
LGMS is Mitsui’s first-ever investment in an external cybersecurity firm, highlighting the exceptional value and trust placed in LGMS’s capabilities.
Mitsui believes that LGMS as its outsourcing partner can offer high-quality services at a reasonable cost. Moreover, the Mitsui recognises the enormous potential for LGMS to deliver cybersecurity services to its group of companies.
LGSM currently offers cyber risk prevention services, cyber risk management and compliance services, and cyber threat and incident response services. It is actively considering venturing into security monitoring services, drawing inspiration from Mitsui’s successful cybersecurity business operations.
“While LGMS excels in identifying, responding, and recovering from cybersecurity events, we acknowledge the need to broaden our services to include proactive monitoring for our clients,” said Fong.
