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New Straits Times
16 hours ago
- Business
- New Straits Times
Gobind: Malaysia must act now to plug cybersecurity gaps
KUALA LUMPUR: Malaysia must urgently address gaps in policy, tools, talent, and cross-border enforcement to strengthen its cybersecurity resilience and manage varying levels of readiness across organisations and nations, Digital Minister Gobind Singh Deo said. He said the world is becoming increasingly interconnected, with daily life now deeply tied to digital platforms such as communication, shopping, and accessing public services. He added that for digital transformation to truly flourish, trust is a fundamental element that cannot be overlooked. "Digital trust is the unwavering confidence we place in our digital systems, technologies, and transactions," he said in his speech at the Asean 5G and OT Security Summit (5GOT) 2025 here today. "We believe they are secure, private, and reliable. It is the invisible yet powerful force that underpins our digital interactions. However, many have taken our systems, technologies, and transactions for granted." Gobind said society's growing reliance on conducting transactions online has encouraged bad actors to exploit this digital presence. He highlighted an alarming surge in cyberattacks affecting all layers of society, from individuals to organisations, across sectors and sizes. "We read and hear about Malaysians falling victim to online scams, fake investment schemes, and phishing attacks. "According to CyberSecurity Malaysia, there were more than 6,000 reported cyber incidents in 2024, mainly involving fraud, intrusions, and malicious codes. "Malaysia incurred over RM1.22 billion in financial losses due to cybercrime over the past year. "But such incidents are not unique to Malaysia. The world faces this massive threat as well, resulting in trillions of dollars in losses annually," he said. Gobind also said the consequences of cyberattacks go far beyond financial losses, as they damage reputations, compromise privacy, destroy property, eliminate opportunities, and in some cases, even endanger lives. He added that attacks on operational technology, which powers automation in factories, manages patient care in hospitals, and runs critical infrastructure such as energy grids and water treatment facilities, are increasingly being targeted by sophisticated threat actors. Nevertheless, Gobind said Malaysia has taken decisive steps to strengthen its cybersecurity landscape over the past years. He highlighted that the Cyber Security Act 2024, which came into force on Aug 26 last year, empowers the National Cyber Security Agency to oversee compliance, coordinate across sectors, and protect the country's National Critical Information Infrastructures. He also said a new Cybercrime Bill, set to be tabled in Parliament this October, aims to replace outdated legislation and equip authorities with the tools needed to combat modern cyber threats effectively. Furthermore, Gobind said Malaysia is expanding its global footprint, noting that the Cabinet has approved accession to the Budapest Convention on Cybercrime. "The country is also preparing to sign the United Nations Convention against Cybercrime in Hanoi this October. "These actions reflect Malaysia's commitment to international norms and collaborative efforts in addressing cybercrime. "As such, platforms such as 5GOT must be leveraged to accelerate progress through expert engagement, knowledge sharing, collaboration, and exposure to emerging technologies," he said. Gobind also said the government aims to build a regional cyber ecosystem through public-private partnerships that foster innovation and talent development. He added that the government hopes to raise awareness and a sense of urgency among key stakeholders in securing the country's digital future.
New Straits Times
07-07-2025
- Business
- New Straits Times
Economist: SST reform may be unpopular, but it's what Malaysia needs
KUALA LUMPUR: The government's decision to expand its Sales and Service Tax (SST) this month should not be viewed as merely a tax hike, but rather as a critical step toward long-term fiscal sustainability, according to economist Dr Goh Lim Thye. This, he said, is especially relevant given Malaysia's low tax-to-gross domestic product (GDP) ratio, which limits the government's ability to sustainably fund development and social protection. "Though not without flaws, the policy represents an important step in Malaysia's broader effort to strengthen fiscal stability and could deliver long-term benefits if implemented thoughtfully and fairly," Goh wrote in a commentary. The revised SST, implemented on July 1, includes an increase in the service tax rate from six to eight per cent for selected sectors and an expanded list of taxable services, such as private clubs, karaoke centres and professional services. Essential services including food and beverage, telecommunications, logistics and parking are excluded. Goh noted that Malaysia's tax-to-GDP ratio stood at just 13.2 per cent as of the third quarter of 2024 — significantly below Thailand's 16 per cent and far below the Organisation for Economic Co-operation and Development average of over 30 per cent. He said the 2025 Budget estimates an additional RM5 billion in revenue from newly included taxable items, helping to close the fiscal gap. With national debt standing at RM1.22 trillion, or about 63 per cent of GDP as of April 2024, the government has also targeted a reduction in the fiscal deficit from five per cent in 2023 to 3.8 per cent by 2025. "Enhancing domestic revenue mobilisation is not a policy choice but a necessity for fiscal resilience," he said. To cushion the impact, the government has exempted daily essentials such as rice, vegetables, fish, eggs and selected imported fruits like apples and oranges from the expanded sales tax. It also raised the SST registration threshold for financial and rental services from RM500,000 to RM1 million, a move expected to shield many micro and small businesses. Still, Goh acknowledged that indirect taxes tend to be regressive, as lower-income households spend a larger share of their income on consumption. To address this, he recommended that part of the revenue be reinvested into targeted assistance such as cash transfer schemes, expanded subsidies for food and transport, and better access to public healthcare. Goh added that if additional SST revenue is effectively deployed, it could help reduce the deficit and enhance Malaysia's sovereign credit outlook and investor confidence. He also pointed out that fiscal strength was one reason Malaysia climbed 11 spots to 23rd in the 2025 IMD World Competitiveness Rankin, its highest placement since 2020. "A stronger tax structure that supports reduced fiscal deficits and sustainable debt management sends a positive signal to investors and rating agencies," he said. Malaysia's SST reform is not occurring in isolation. Other countries have adopted similar moves. Singapore increased its Goods and Services Tax (GST) to nine per cent in January 2024, while Indonesia raised its Value Added Tax from 10 to 11 per cent in 2022 and may increase it further to 12 per cent. New Zealand runs a 15 per cent GST with minimal exemptions, offsetting the burden through targeted welfare transfers and a progressive income tax system. Goh said such examples show that consumption taxes can be sustainable when embedded within a broader framework of redistribution and transparency. He also noted that the government's reversal on taxing beauty services and certain fruits, following public backlash, highlights the importance of better communication and stakeholder engagement. "Economic policy, particularly one that affects consumer behaviour and firm-level pricing decisions, must be grounded in transparent consultation," he wrote. Ultimately, he said the SST expansion should be seen not as an endpoint, but as a step toward fiscal maturity and resilience, if supported by broader reforms and visible, equitable public spending.
New Straits Times
18-06-2025
- New Straits Times
RM300,000 gone in a click: Kelantan faces spike in commercial crimes
KOTA BARU: Victims of commercial crime in Kelantan have lost up to RM300,000 in a single case, with many others suffering losses ranging from RM1,000 to RM3,000, as fraud and scam cases continue to surge this year. State police chief Datuk Mohd Yusoff Mamat said 601 commercial crime cases were recorded between January and May— a significant increase from 401 cases during the same period last year. He said cyber and multimedia-related crimes saw the sharpest rise, soaring by 70 per cent from 265 cases last year to 401 this year. "These figures are alarming. Despite ongoing awareness campaigns, many people are still falling victim to these scams, with some facing devastating financial losses," he told reporters. Mohd Yusoff said the most common scams included phone fraud, bogus job offers, and e-commerce scams. "There were 149 phone scam cases, with victims losing more than RM4 million collectively. As for e-commerce fraud, 141 cases were recorded, resulting in RM1.22 million in losses," he said. He said con artists frequently impersonated officials from enforcement agencies such as the police or the Inland Revenue Board (IRB), manipulating victims through fear or pressure to part with their money. "Even two doctors were conned recently, with combined losses exceeding RM200,000. In the worst case to date, a single victim lost over RM300,000. On the lower end, some suffered losses of between RM1,000 and RM3,000." He dismissed the notion that victims were put under a 'hypnotic spell' (pukau), stressing that the perpetrators instead use convincing, calculated tactics to deceive their targets. "Most victims are retirees or civil servants aged 40 and above. The scammers are very professional and persuasive," he said. Facebook was the platform most frequently exploited in e-commerce scams, accounting for 88 of the 141 cases, followed by TikTok, Telegram, and WhatsApp. "Some of these frauds are linked to organised syndicates and call centres, while others are the work of individuals," he said. Mohd Yusoff stressed the media's crucial role in amplifying public awareness and helping to safeguard the public from becoming victims.
BusinessToday
25-05-2025
- Business
- BusinessToday
LGMS Solidifies Position As Gold Standard In Cybersecurity
Independent cybersecurity specialist LGMS Berhad is stepping up its game in the fast-evolving digital threat landscape, following a series of strategic moves that enhance its domestic and global market reach. Unlike many cybersecurity firms that bundle software or hardware sales with services, LGMS remains impartial by providing advisory and testing services without reselling third-party products. Its core offerings span cybersecurity assessments, penetration testing, risk management, compliance, and incident response. StarSentry: Boosting SME Cyber Defence In 2024, LGMS introduced StarSentry , a plug-and-play cybersecurity tool specifically developed for SMEs. After two years of in-house research and development, the tool enables smaller businesses to perform automated security checks without needing on-site consultants. The bundled service includes unlimited scans, consulting support, and software licensing — a model that reduces dependency on manpower while maintaining service quality. Since its launch, StarSentry has led to a 20% increase in SME inquiries and was recognised as the 'Cybersecurity Product Innovation of the Year' at the 2024 Malaysia Cybersecurity Awards. Mitsui Partnership Fuels Global Expansion LGMS's global ambitions received a major boost in April 2023 when Japan's Mitsui & Co. Ltd acquired a 25% stake in the company. This partnership has expanded LGMS's footprint to international markets including Japan, Singapore, Vietnam, and New Zealand. Overseas revenue now accounts for 22.3% of total revenue as of 1Q25, up from 16% in FY24. This expansion is key to diversifying geographical risk and strengthening the company's global competitiveness, particularly in a market increasingly focused on cybersecurity resilience. Riding the Wave of Rising Cyber Threats With Malaysia recording an average of 74,000 cyberattacks per day in 2023 and a total of RM1.22 billion in losses due to cybercrime, demand for LGMS's services has surged. Cyber threats like phishing, ransomware, and zero-day exploits continue to grow in tandem with Malaysia's rising internet penetration — projected to hit 36.8 million users by 2029. According to market research firm MarkNtel, the country's cybersecurity market is set to grow from USD1.05 billion in 2023 to USD2.17 billion by 2030, driven by e-commerce expansion and increasing digitisation across sectors. Solid Industry Credentials and Compliance Strength LGMS holds a slew of prestigious international certifications, including ISO/IEC 27001, CREST, TÜV TRUST IT, and critical Payment Card Industry (PCI) credentials such as PCI QSA and PCI 3DS Assessor. The company is also an authorised training provider for PECB and Mile2, further solidifying its standing as a trusted service provider. This compliance pedigree has helped LGMS win contracts with Malaysia's 11 Critical National Information Infrastructure (CNII) sectors, where demand rose by 30% in 2024 alone. Balancing Growth with Operational Expansion Despite posting a 12% YoY increase in revenue to RM9.6 million in 1Q25, LGMS saw a 20.9% drop in net profit to RM1.9 million, primarily due to increased employee costs from workforce expansion. However, this strategic investment in talent is expected to boost long-term service delivery and scalability. With strong fundamentals, international backing, and innovation-led offerings like StarSentry, LGMS is positioning itself as a key cybersecurity player ready to ride the wave of digital transformation — both in Malaysia and globally. Related
New Straits Times
09-05-2025
- New Straits Times
Former furniture trader loses RM1.22mil in online scam
KUANTAN: A 62-year-old senior citizen has lost RM1.22 million after being duped by an online scam syndicate, police say. Pahang police chief Datuk Seri Yahaya Othman said the victim, a former trader, became acquainted with the suspect in January. The man had introduced himself as a property broker from Singapore and later claimed to be running an online business through a platform based in England. He said the suspect later told the pensioner that he was operating an online business through a platform based in England. "The suspect shared a website that offered the victim online job opportunities, promising commission rates of between 13 and 18 per cent. "On 20 February, the victim received a message from someone introducing herself as 'Lee Mei Lee', who then contacted him via WhatsApp. "Lee Mei Lee taught him how to use the platform, but the victim was required to activate his account first by submitting personal information. "Throughout the period, the senior citizen only received one commission payment amounting to RM800 for the work done. "The victim was also asked to make further payments," he said in a statement. Yahaya said the senior citizen made 61 transactions to 14 different accounts, but after transferring the money, the suspect gave various excuses to delay releasing the funds and continued to request more deposits. The victim, a former furniture trader, eventually realised he had been scammed, suffering a total loss of RM1.22 million, comprising both his savings and borrowed funds, he said. Following the case, Yahaya advised the public to exercise caution before transferring money to unknown individuals. "The public is also reminded to check any bank account or phone number received via the link before making any transactions," he said.
