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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.
Malay Mail
23-04-2025
- Business
- Malay Mail
Selangor Zakat Board sees highest-ever RM1.22b collection, majority aid for poor
SHAH ALAM, April 23 — Lembaga Zakat Selangor (LZS) has recorded its highest zakat (tithe) collection to date, reaching RM1.22 billion in 2024, as the agency ramps up support for low-income households and vulnerable communities in the state. Its chief executive officer Mohd Khaidzir Shahari said RM1.19 billion of the total was distributed to more than 370,000 asnaf, or eligible recipients, marking a three per cent increase from RM1.15 billion in aid disbursed the previous year. 'The largest share of the aid, RM707 million or 60 per cent, was allocated to the fakir (extremely poor) and miskin (poor) categories, underscoring the agency's continued commitment to supporting the most vulnerable groups in Selangor,' he said. He added that this amount in aid reached more than 77,800 needy families, a 19 per cent increase from 2023. Mohd Khaidzir shared the figures at a press conference on the state's zakat collection and distribution performance held at Menara Zakat Sultan Idris Shah, alongside LZS chairman Tan Sri Syed Anwar Jamalullail. The record-breaking figure reflects growing public confidence in the agency and a greater shift toward consistent zakat contributions through formal channels. He noted that zakat on income remained the most significant contributor by category, generating RM712 million or 58 per cent of total collections. This was followed by business zakat (RM199 million), savings zakat (RM130 million), zakat on wealth (RM70 million) and fitrah zakat (RM41 million). Salary deductions continued to be the most widely used payment method, bringing in RM546 million or 45 per cent of total funds, he said. Direct debit showed the fastest growth, increasing by 60 per cent to RM1.4 million, indicating a rising preference for automated, user-friendly payment systems, he added. He explained that LZS has also disbursed RM780 million for social development programmes, including monthly financial assistance, rental subsidies, housing construction and repairs, as well as critical medical support such as dialysis treatment. Recognising the long-term impact of education, the agency also channelled RM194 million into its education development programmes, a 13 per cent rise from 2023, Mohd Khaidzir said. The funding supported a growing number of second-generation asnaf students entering higher education and undergoing Technical and Vocational Education and Training (TVET) programmes, he added. Looking ahead, he said LZS has set a zakat collection target of RM1.328 billion for 2025 and aims to reach RM2 billion by 2030. During the same event, LZS launched the second edition of its 2024 Sustainability Report, themed Empowering Lives. The report follows the Global Reporting Initiative framework and aligns with the United Nations Sustainable Development Goals (SDG) 2030. Mohd Khaidzir said the report reflects LZS's ongoing commitment to embedding sustainability values across its operations, including initiatives in renewable energy usage, sustainable procurement, food security and long-term income generation for the asnaf community. — Bernama
Barnama
23-04-2025
- Business
- Barnama
LZS Hits Record RM1.22 Bln Collection In 2024
SHAH ALAM, April 23 (Bernama) -- Lembaga Zakat Selangor (LZS) has recorded its highest zakat (tithe) collection to date, reaching RM1.22 billion in 2024, as the agency ramps up support for low-income households and vulnerable communities in the state. Its chief executive officer Mohd Khaidzir Shahari said RM1.19 billion of the total was distributed to more than 370,000 asnaf, or eligible recipients, marking a three per cent increase from RM1.15 billion in aid disbursed the previous year. 'The largest share of the aid, RM707 million or 60 per cent, was allocated to the fakir (extremely poor) and miskin (poor) categories, underscoring the agency's continued commitment to supporting the most vulnerable groups in Selangor,' he said. He added that this amount in aid reached more than 77,800 needy families, a 19 per cent increase from 2023. Mohd Khaidzir shared the figures at a press conference on the state's zakat collection and distribution performance held at Menara Zakat Sultan Idris Shah, alongside LZS chairman Tan Sri Syed Anwar Jamalullail. The record-breaking figure reflects growing public confidence in the agency and a greater shift toward consistent zakat contributions through formal channels. He noted that zakat on income remained the most significant contributor by category, generating RM712 million or 58 per cent of total collections. This was followed by business zakat (RM199 million), savings zakat (RM130 million), zakat on wealth (RM70 million) and fitrah zakat (RM41 million). Salary deductions continued to be the most widely used payment method, bringing in RM546 million or 45 per cent of total funds, he said. Direct debit showed the fastest growth, increasing by 60 per cent to RM1.4 million, indicating a rising preference for automated, user-friendly payment systems, he added.
