Recognising the growth potential of the booming cybersecurity industry, Asia Cybersecurity Exchange (ASIACYBERX), a leading cybersecurity platform, is forging ahead with its plan to cultivate and nurture more local cybersecurity talent through a RM200 million Cybersecurity Accelerator Programme.
A first in Malaysia and Southeast Asia region, the Accelerator Programme is part of ASIACYBERX’s long-term plan to create a broader pool of cybersecurity talent through developing young innovative start-ups into high-growth potential businesses, which in turn, will help boost Malaysia’s overall digital economy.
The Accelerator Programme emphasises active mentorship to help local start-ups and entrepreneurs throughout every step of their growth journey, from commercialisation of solutions and products, to fine tuning business models, to securing funding and networking opportunities within its existing network of more than 20 mentors, entrepreneurs and industry experts.
To date, a total of RM200 million has been allocated under the programme to help shortlisted start-ups scale their business to the next growth level.
Supported by the several key governmnt agencies, including Ministry of Communications and Multimedia, National Cyber Security Agency Malaysia (NACSA), Malaysian Multimedia and Communication Commission, Malaysia Digital Economy Corporation (MDEC) and Bank Negara Malaysia, ASIACYBERX was launched in April 2018 to strengthen the country’s growing cybersecurity ecosystem to support Malaysia’s transformation into a world-class cybersecurity resource hub. It is solely owned by ACE Accelerator Network Sdn Bhd, which was formed following a partnership between LE Global Services Sdn Bhd (LGMS) and the ACE Group, a diversified investment conglomerate. LGMS is currently the largest professional security testing firm in Malaysia.
Fong Choong Fook, LGMS Chief Executive Officer, who is also the lead mentor for the Accelerator Programme, said, “This is an exciting time for the cybersecurity industry. In today’s digitised world, cybersecurity is no longer a technology need, but rather a key business enabler. Businesses are increasingly investing in security solutions and services to counter attacks and ensuring their data is secure. Through this programme, ASIACYBERX is happy to play an active role in expanding the local cybersecurity ecosystem by nurturing home-grown talent and competencies. Our mission is really to help them grow and reinvent the industry.”
According to the Ministry of Communication and Multimedia, Malaysia is one of the top three ASEAN countries to contribute 75 percent of the regional cyber security services market share by 2025.
While the Accelerator Programme is anchored on cybersecurity, Fong highlighted that the programme will not limit the selection process to pure cybersecurity players; instead it is open to start-ups in IT security, big data analytics, and cybersecurity-related solutions.
“We hope the Accelerator Programme will allow us to cast the widest net possible to attract new start-ups to develop next-generation cybersecurity solutions. That’s why, the programme is uniquely designed to enable us to bring together key industry stakeholders, including policymakers, providers, industry experts and academia to work together to grow a broader pool of talent and entrepreneurs,” Fong elaborated.
Commenting on the Accelerator Programme, ACE Group Chairman, Tan Sri Dato’ Ahmad Fuzi Haji Abdul Razak, said, “The cybersecurity industry offers phenomenal growth opportunities. But, for the local cybersecurity industry to continue to thrive, we need to build a competitive ecosystem. ACE Group is supporting promising start-ups to grow their ideas and scale their business to take up global cybersecurity challenges, from right here in Malaysia.”
Interested start-ups can find out more information about ASIACYBERX Cybersecurity Accelerator Programme at https://asiacyberx.com or call 03-8601 4869 / email: [email protected]