Malaysia’s largest identity assurance provider, Innov8tif Solutions Sdn. Bhd., will be joining as an exhibitor at the upcoming Cyber Digital Services Defence & Security Asia (CDSA) 2023.
Held from the 15th to 17th August 2023 at Kuala Lumpur Convention Centre (KLCC), the event aspires to be content-driven, serving key stakeholders who are responsible in protecting the public, businesses and national interest in the realm of cyberspace. For local regtech companies such as Innov8tif Solutions, CDSA provides a platform for them to share the latest technologies and create awareness on the rise of cyber attacks and digital spoofing.
“Events such as CDSA are important to highlight the importance of cybersecurity, especially in today’s digital age,” says Joe Seah, Chief Commercial Officer of Innov8tif Solutions. “With the widespread of digital fraud and deepfakes across the globe, the public and businesses could benefit by understanding how operations such as eKYC works to ease their worries.”
Malaysia has rapidly advanced in digital transformation, yet the nation has faced difficulties guarding its massive digital environment. In 2022, Trend Micro has reported that 72% of Malaysian organisations have been breached. Furthermore, within the first six months of 2022, Kaspersky’s Anti-Phishing system has identified a total of 91,895 cyber attacks against Malaysian e-commerce websites and 27,458 phishing attempts, specifically targeting banking services.
Fast forward to 2023, Cyber Security Malaysia (CSM) has reported that 456 fraud cases have been recorded as of February.
“Cyber attacks can cause great harm to individuals, companies, and governments alike. This can result in financial losses to compromised personal data, as well as the breakdown of vital services such as digital banking and online verifications.”
“It's a common belief that cybersecurity companies use our data for their own gain. At CDSA, Innov8tif wants to prove otherwise by sharing our expertise on eKYC technologies, which are designed to verify and guard our identities, especially when it comes to conducting business and implementing government policies. On top of that, businesses and the government are able to find solutions locally through these events, hence fostering the trust in local companies such as Innov8tif to safeguard our digital space and create global competitiveness,” Seah adds.
Seah hopes that the 3-day event fosters trust towards local companies such as Innov8tif to safeguard Malaysia’s digital space, creating partnerships among the corporate sector, cybersecurity firms and government entities as well as driving global competitiveness with major regtech and cybersecurity players across the globe.
With Malaysia’s cybersecurity market size is forecasted to grow from 95 million USD in 2023 to 2.06 billion USD by 2028, the government has doubled down on its cybersecurity initiatives in its revised Budget 2023. The budget has made significant changes by creating demand for effective access management solutions across organisations and public security campaigns to detect and prevent fraud, increasing productivity and morale.
As an ISO 27001:2013 certified AI and software technology company, Innov8tif specialises in identity proofing (eKYC), customer due diligence as well as identity authentication that serves banking, financial services, insurance, hospitality and telecommunications industries. With their recent merger with Xendity Sdn. Bhd., Innov8tif Solutions Sdn. Bhd. is one of the fastest growing technology players in ASEAN.
This content is provided by Innov8tif Solutions Sdn. Bhd.
