Latest news with #LGMSBhd
New Straits Times
5 days ago
- Business
- New Straits Times
MCMC opens public consultation on communication data regulatory framework
THE Malaysian Communications and Multimedia Commission (MCMC) has launched a public consultation on its proposed regulatory framework for communication data. The framework follows recent amendments to the Communications and Multimedia Act 1998, which introduced Sections 252A, 252B and 268A. These form the legal basis for new rules governing the retention, preservation and disclosure of communication data for investigations. Under the framework, relevant service providers must retain data for 12 to 18 months, accessible only by law enforcement through legal procedures. Access requires a disclosure notice and must follow principles of necessity, proportionality and legality. The public consultation is open from July 25 to August 8. MCMC invites public and industry feedback on how communication data should be managed to support investigations. Cybersecurity provider LGMS Bhd executive chairman Fong Choong Fook explained the importance of the communications data regulatory framework. "When someone commits a serious online crime like a scam or cyberbullying, enforcement needs to access digital records such as call logs and messages to investigate. But they must do it legally, without unnecessarily invading people's privacy. "A clear framework tells everyone—the telco, the police and the public—what can or cannot be done. It ensures a fair and proper process," he told the New Straits Times. With increasingly complex online criminal threats, a proper framework allows enforcement officers to act faster, follow digital trails more effectively and take action before the damage gets worse. "Today's online crimes are fast, sneaky, and sometimes come from other countries. To catch these criminals, the authorities need quick access to digital information," said Fong. Fong cautioned that any data accessed must follow strict rules, only when necessary, with proper approval. "There should also be checks in place, like independent bodies, to make sure the rules aren't abused," he said. Fong believes MCMC's public consultation is a positive move to break the ice on the topic and instill confidence in the public.
The Star
09-07-2025
- Business
- The Star
LGMS to acquire 27% stake in Antarex for RM23mil
PETALING JAYA: Cybersecurity service provider LGMS Bhd is proposing to acquire a 27% stake in information technology company Antarex Holdings Sdn Bhd (AHSB) for RM22.68mil. In a filing with Bursa Malaysia, LGMS said it is proposing to acquire the stake from AHSB's co-founders and directors, Tan Soon Huat and Tan Pek Loon. LGMS said the acquisition will unlock significant growth potential and synergies. 'In particular, LGMS will be able to leverage on AHSB's regional market presence to introduce its award-winning cybersecurity solution, StarSentry to a broader client base across South-East Asia. 'AHSB will also stand to benefit from the proposed acquisition through the integration of StarSentry solution into its existing suite of cybersecurity solutions, which will potentially create a robust, comprehensive and unified cybersecurity defence system.' LGMS noted that with the rapidly evolving technological ecosystem, there is a need to strengthen governance and oversight to manage the risks, which include, data privacy, cybersecurity threats, and ethical issues.
The Star
18-06-2025
- Business
- The Star
LGMS seeks to transfer listing to Main Market
PETALING JAYA: LGMS Bhd is seeking a transfer of its shares to the Main Market of Bursa Malaysia from the ACE Market. The cybersecurity services provider, which has a market capitalisation of around RM66mil, said it has met the requirements of the profit test pursuant to Paragraph 5.02(a) of Bursa's Equity Guidelines. "LGMS Group has achieved an audited consolidated net profits of approximately RM12.34mil for the most recent financial year ended Dec 31, and an aggregate consolidated net profit of approximately RM35.11mil for the past three audited financial years from 2022 to 2024," it said in a statement to Bursa Malaysia. The guidelines by Bursa requires the group to achieve an aggregate audited net profit of at least RM20mil for three to five full financial years and a net profit for the most recent financial year of at least RM6mil, it said. "The proposed transfer signifies the growth, profitability and financial strength of the group as it has met the profit track record requirements for a transfer to the Main Market of Bursa Malaysia," LGMS said. The transfer is expected to be completed by the fourth quarter of 2025.
Barnama
25-04-2025
- Business
- Barnama
Firms Must Remain Vigilant To Prevent Cyberattacks
25/04/2025 05:06 PM By Zarul Effendi Razali and Siti Noor Afera Abu KUALA LUMPUR, April 25 (Bernama) -- Businesses, including brokerage firms, must regularly conduct security assessments and cybersecurity penetration testing to detect potential vulnerabilities and prevent future cyberattacks, said LGMS Bhd executive chairman Fong Choong Fook. He stressed that organisations must consistently identify possible weaknesses in their systems, including those from applications and end-user access points. 'Businesses and brokerage firms need to change their mindset. Hackers no longer target specific industries—they will randomly attack all industries,' he said to Bernama. LGMS is a global technology research and advisory firm, specialising in Technical Security Services (TSS) and Strategic Security Services (SSS) in cybersecurity. Earlier in a joint statement, the Securities Commission Malaysia (SC) and Bursa Malaysia Bhd said they have received reports from a few brokers who identified failed client logins and unauthorised access or trading activities executed via limited clients' online trading accounts. 'Capital market regulators and brokers are on alert and remain vigilant while working closely to ascertain the root cause of the incident, and to implement any further necessary measures. 'We wish to assure all investors that the integrity of Malaysia's capital market remains intact,' the statement said. Commenting on this, Fong has urged the SC and Bursa to review the existing cyber risk management framework at a more granular level.
