Asia Cybersecurity Exchange (ASIACYBERX), the cybersecurity platform, has come through with its plan to cultivate and nurture more local cybersecurity talent via a RM200 million (US$48 million) Cybersecurity Accelerator Programme.
ASIACYBERX claimed that the Accelerator Programme is part of its long-term plan to create a broader pool of cybersecurity talent by developing young innovative startups into high-growth potential businesses. It hopes to help boost Malaysia’s overall digital economy.
The Accelerator Programme emphasises active mentorship to help local startups and entrepreneurs commercialise their solutions and products, fine-tuning business models, and secure funding and networking opportunities within its existing network. The network itself comprises of more than 20 mentors, entrepreneurs, and industry experts.
According to the Ministry of Communication and Multimedia, Malaysia is one of the top three ASEAN countries that are expected to contribute 75 per cent of the regional cybersecurity services market share by 2025.
The initiative is already supported by several key government 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, the company behind the accelerator program, 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), that holds the majority of professional security testing firms in the country, and the ACE Group, a diversified investment conglomerate.
LGMS Chief Executive Officer, Fong Choong Fook, will be the lead mentor for the Accelerator Programme.
“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,” said Fong.
The program itself will not limit the selection process to pure cybersecurity players; instead it is open to startups in IT security, big data analytics, and cybersecurity-related solutions.