KUALA LUMPUR: ACE market-listed LGMS Bhd (LGMS) has plans to expand its regional presence and will set up new offices in Cambodia, Vietnam, and Singapore by the end of 2023, given the increasing demand for cybersecurity products and services.

Executive chairman Fong Choong Fook said LGMS is capitalising on current market trends, both locally and regionally, that support its cybersecurity growth strategy.

"Besides cyber-attacks, which are on the rise in recent months and years, regulation requirements coupled with more organisations embracing cloud computing business models are factors that continue driving the cybersecurity industry," he told The New Straits Times.

"The prioritisation of corporate security has resulted in more organisations seeking out LGMS to oversee various cybersecurity areas such as vulnerability management, incident response, and digital forensics while also providing cybersecurity consulting services," Fong added.

LGMS' unique expertise is the provision of penetration testing and professional services that are ISO 9001 certified for its local and global clientele.

"Our team comprise more than 60 experts in penetration testing and digital forensics backed by decades of industrial experience," said Fong, adding that the company is also aiming to double its current 100-strong workforce within the next two years.

Today, LGMS has more than a thousand local and global clients.

One such customer is the AirAsia Group, with an information security compliance personnel describing LGMS as 'particularly capable, competitive, customer-oriented and a reliable partner when we are in urgent need of assistance.'

According to independent market research company Protégé Associates Sdn Bhd (PASB), the cybersecurity market in Malaysia is expected to keep expanding, with annual growth projected to be approximately 14 per cent between 2022 and 2026.

In terms of revenue, the cybersecurity market in Malaysia is projected to reach RM6.36 billion in 2026, it said.

Further, the advancement of Internet of Things (IoT) technologies and the widespread use of the internet over multiple platforms, as well as growth in cloud infrastructures, data centres and smartphones, have created new and rising demands for cybersecurity protection.

The research firm cited the cybersecurity market as comprising industries such as banking and finance, insurance, technology, telecommunications, consumer products, education, healthcare, manufacturing, retail, hospitality and leisure, automotive, aviation, logistics and transportation.

From a regional perspective, PASB said that the ASEAN region's market outlook remains positive for cybersecurity markets, with the market size projected to expand from RM14.66 billion in 2021 to RM28.47 billion in 2026, registering a compound annual growth rate (CAGR) of 14 per cent.

It cited Cambodia as a country 'still at the infancy stage of development with a market expected to expand from RM49.7 million in 2021 to RM193.5 million in 2026, registering a CAGR of 31 per cent.

"Cambodia is ripe for strong growth, which is why LGMS is working hard to realise our plans to gain the 'first mover' advantage," said Fong.

Locally, LGMS has forged partnerships with telecommunications groups such as TIME dotcom Bhd and Telekom Malaysia.

It counts Alibaba Cloud as one of its partners at the international level.