Innov8tif Solutions Sdn. Bhd., Malaysia’s largest identity assurance provider, is poised to showcase its advanced solutions at the upcoming Cyber Digital Services Defence & Security Asia (CDSA) 2023 event. With a focus on cybersecurity, the event aims to facilitate knowledge-sharing among key stakeholders responsible for protecting public interests and businesses in the digital realm. Innov8tif’s presence underscores the need for robust cybersecurity measures, enabling local regtech companies to present their cutting-edge technologies and raise awareness about escalating cyber threats.
8 August 2023 – Innov8tif Solutions Sdn. Bhd., Malaysia’s leading identity assurance provider, is set to exhibit its advanced solutions at the highly anticipated Cyber Digital Services Defence & Security Asia (CDSA) 2023 event, scheduled to take place from August 15 to 17 at the Kuala Lumpur Convention Centre (KLCC). The event aims to offer a content-driven platform, catering to key stakeholders responsible for safeguarding public interests, businesses, and national security within the cyberspace domain. Innov8tif’s participation underscores the significance of cybersecurity in today’s digital landscape, while providing local regtech companies a space to showcase their cutting-edge technologies and raise awareness about the escalating threat of cyber attacks and digital spoofing.
“CDSA and similar events are pivotal in emphasizing the criticality of cybersecurity, especially in the contemporary digital era,” commented Joe Seah, Chief Commercial Officer of Innov8tif Solutions. “With the global proliferation of digital fraud and deepfake incidents, both the public and businesses can gain insights into the workings of operations like electronic Know Your Customer (eKYC), which alleviate concerns.”
Although Malaysia has made substantial strides in digital transformation, it has encountered challenges in securing its expansive digital environment. In 2022, Trend Micro reported that 72% of Malaysian organizations experienced breaches. Moreover, within the first half of 2022, Kaspersky’s Anti-Phishing system detected a total of 91,895 cyber attacks against Malaysian e-commerce platforms and 27,458 phishing attempts, targeting banking services specifically. Moving forward to 2023, Cyber Security Malaysia (CSM) has documented 456 fraud cases as of February.
“Cyber attacks wield the potential to inflict significant harm upon individuals, businesses, and governments alike, culminating in financial losses, compromised personal data, and disruptions to critical services like digital banking and online verifications,” Seah emphasized.
“At CDSA, Innov8tif aims to dispel the notion that cybersecurity companies leverage our data for personal gains. We seek to exhibit our expertise in eKYC technologies, which are designed to authenticate and safeguard identities, particularly during business transactions and government implementations. This event also presents an opportunity for businesses and the government to discover local solutions, cultivating trust in homegrown companies like Innov8tif to bolster digital security and global competitiveness,” Seah added.
Seah aspires that this three-day event fosters trust in local entities such as Innov8tif to fortify Malaysia’s digital landscape, fostering partnerships among corporate players, cybersecurity firms, government bodies, and driving global competitiveness alongside major regtech and cybersecurity participants worldwide.
Forecasts indicate that Malaysia’s cybersecurity market size is projected to expand from 95 million USD in 2023 to a substantial 2.06 billion USD by 2028. In alignment with this growth, the government has escalated its cybersecurity initiatives through the revised Budget 2023. The budget reallocates resources to boost demand for effective access management solutions across organizations and launch public security campaigns aimed at detecting and preventing fraud, thereby enhancing productivity and morale.
As an AI and software technology company certified under ISO 27001:2013, Innov8tif specializes in identity proofing (eKYC), customer due diligence, and identity authentication, catering to industries including banking, financial services, insurance, hospitality, and telecommunications. Following its recent merger with Xendity Sdn. Bhd., Innov8tif Solutions Sdn. Bhd. has emerged as one of ASEAN’s fastest-growing technology players. – source: Malaysia Kini