Kuala Lumpur, Malaysia – LGMS, a cybersecurity services company based in Malaysia, has recently announced the launch of a subscription-based solution designed to enhance cybersecurity measures and standards for Malaysian small and medium-sized enterprises.
This latest offering, which represents the latest revenue model of the company, will be launched in the second quarter of 2024, according to Fong Choong Fook, executive chairman at LGMS.
“This innovative solution is designed to enable SMEs to enhance their cybersecurity measures simply and effectively. With its plug-and-play design, StarSentry seamlessly integrates into users’ networks, automatically analysing all connected devices for vulnerabilities. This proactive approach is expected to significantly elevate the cybersecurity standards of Malaysian SMEs,” said Fong in a statement.
Titled StarSentry, this made-in-Malaysia platform has also received recognition from the Malaysia cybersecurity awards in 2023 and was named the “Cybersecurity Product Innovation of the Year.”
LGMS, on the other hand, has announced a transformation to embrace a platform-centric business model alongside its traditional services-based approach.
Speaking about the initiative, Fong also said, “The group’s prime revenue earner has consistently been services-based, with cyber risk prevention constituting about a quarter of overall revenue, followed by cyber risk management and compliance, together with cyber threat and incident response. With a subscription model coming on board, LGMS is set to realise consistent revenue streams, scalable service offerings, and the potential for new customer engagement and support.”
Alongside the launch of the said solution, the company also shared that they are currently in the advanced stages of creating a contemporary artificial intelligence bot aimed at revolutionising cybersecurity through automation.
“Our upcoming AI bot is a game-changer, designed to augment cybersecurity efforts with unparalleled efficiency. It brings to the table enhanced threat detection capabilities, allowing for real-time responses to security incidents. By integrating advanced AI, we are not just addressing current security challenges but are also future-proofing our cybersecurity solutions for the greater good of customers,” he further explained.
Meanwhile, Gopi Ganesalingam, senior vice president at Malaysia Digital Economy Corporation (MDEC), expressed his pride in LGMS as part of their company’s initiative, stating, “This strategic transformation not only promises to enhance the security of SMEs but also opens new revenue streams for LGMS, marking a new chapter in its growth trajectory.”
“Situated in one of the fastest-growing internet economies in the world, GAIN utilises Malaysia’s aggressive cost base, talent, and connectivity to the region. The initiative focuses on market access, visibility, raising capital, and fostering companies to emerge as industry leaders within their respective fields,” expounded Gopi.
Samuel Tan, senior equity analyst at Kenanga Research, further commented, “LGMS is putting onto the market an affordable plug-and-play SME cyber security product called StarSentry in Q2 2024.”
“A one-of-a-kind subscription-based offering, the product will be a source of recurring income for LGMS,” he concluded.
