The unprecedented Covid-19 pandemic that caught the world off-guard in 2020 became the accelerator of rapid digital economy transformation on a global scale. With the forced-close of shutters, many businesses switched to online to ensure the continuity of their cash flow and business sustainability. The acceleration of business digitalisation and rapid growth across many sectors became extremely susceptible to online security breaches without proper digital security fortification.
This is where Securemetric comes into the picture in enhancing digital security. Securemetric is a Malaysian digital security technology company that offers innovative solutions across Southeast Asia and beyond. The company currently plays a major role in providing digital security solutions across governments and enterprises in the SEA region, as it is their vision to helm the key role, especially in the region’s digital economy transformation.
“We focus on three key areas for digital security, and they are Securing Digital ID, Securing Mobile Applications and Securing Online Transactions,” Edward Law, the Chief Executive Officer of Securemetric, explains.
Securing Digital ID is a process in helping organisations or governments to set up Public Key Infrastructure that will form as the fundamental of TRUST within the digital economy. Securing Mobile Applications, on the other hand, is building a framework to protect mobile applications from highly vulnerable mobile phone environments through Run-Time Application Self Protection. Securing Online Transactions is enforcing strong user authentication to ensure only authorised users can perform the transaction, through digital signature to achieve legally binding authorisation with tamper-proof protection.
Securemetric recommends current businesses to take heed in securing their digital footprint for their businesses as fraud activities are rampant in tandem with businesses making the digital shift. “With the MyDigital Blueprint set up by the Government, they foresee the need to fortify the foundation of digital security when the world is moving towards a digital economy at an incredible speed. The pandemic also accelerated the initiatives and this is the best time for us to really take serious consideration in protecting our businesses and data,” Law shares.
Law introduced two cloud-hosted Security As A Service by Securemetric that can protect businesses and agencies for their everyday transactions:
i. SigningCloud
SigningCloud is a secured cloud-hosted Digital Signature service that was built as a fully Public Key Infrastructure based digital signing cloud. This means that every signer is required to sign in with their Digital ID either through SigningCloud ID or Trusted Certificate Authority ID.
“Our vision is to make SigningCloud the Universal Signing Platform that supports many Trusted Digital IDs across Southeast Asia. As different country in Southeast Asia have their own regulations and laws for e-Signature, we aim to tackle all and perhaps to make SigningCloud the ASEAN version of DocuSign” Law shares. “Perhaps, one day, we can be part of the regional industry ecosystem that can help business communities to achieve cross-border legal binding digital signatures.”
ii. Centagate Cloud
Centagate Cloud is a cloud-hosted authentication service similar to Okta and Onelogin. It can help organisations deploy Single Sign-On – a single login credential that can be used to access across enterprise applications.
“I believe that businesses would require seamless and effortless access to their company’s productivity tools. Centagate Cloud will be able to provide that ease of access to improve company’s performance,” said Law.
The Innov8tif Investment
As Securemetric evolve into a Security-as-a-Service (SaaS) company to offer more comprehensive security solutions to various sectors, Securemetric’s Board of Directors made a decision to invest RM8 million into Innov8tif Sdn Bhd, a company that specialises in Digital ID assurance (e-KYC), Digital low-code process automation and Mobile biometric authentication.
“The area of Digital ID Assurance experienced a sharp increase in demand due to the pandemic. Covid-19 and the repetitive lockdowns pushed businesses to prioritised digitization of their customers’ onboarding process,” explains Law. “With the risk of financial loss or fine by the authorities due to the on-boarding fraudulent IDs, businesses are finding it a need to include e-KYC as part of their digital customer acquisition process.”
The 2021 Identity Fraud Study released by Javelin Strategy & Research, revealed that the total combined fraud losses climb to $56 billion in 2020, and are expected to climb in years to come. “This is a risk we all must identify when we digitalise our business, and precautions must always be taken,” Law says.
“Therefore, we have decided to invest in Innov8tif because of their strong proven track records, especially in their digital identity assurance area. There are a lot of synergies between both companies in terms of market access, with Innov8tif having a stronger presence in Malaysia while Securemetric possesses a stronger market share in Southeast Asia, as well as in the aspect of technology,” reveals Law. “As we plan for our aggressive overseas expansion, we are confident that with their digital identity assurance solution, it will further add value to our customers.” Law also mentions that eventually, both companies will explore the potential of cross-selling among two companies that will bring benefit to both companies.
Securemetric – a Company with a Strong Formula for Digital Security
Securemetric is one of Southeast Asia’s leading regional players in the field of digital security with a core focus on Software Licensing Protection (Software License Dongle, Software Protection Dongle), 2-Factor Authentication (2FA), Advanced Identity and Access Management, Public Key Infrastructure (PKI System) and Cryptography. Since being incorporated in 2007, Securemetric has expanded strong local footprints with local establishments in Indonesia, Singapore, Vietnam and the Philippines.
“The key motivation for us to venture into this ‘Why Can’t We?’. As the trend for getting quality and reliable digital security solutions has changed from ‘Good-to-have’ to ‘Must-have’. The key challenge remains with total ownership cost mostly dominated by USD or EURO currency zones,” shares Law on the motivation behind Securemetric. He believes that the local market here as well as in Southeast Asia requires not just options that can best fit their pockets but also someone who can understand and solve their problem statements better especially involving local regulatory compliance.
“We strongly believe with our experiences of over a hundred years on accumulated mission-critical digital security, we can be on par with global brands and offer options that are localised to fit the Southeast Asia market and beyond.”
