Malaysia’s largest customer ID assurance provider, Innov8tif Solutions Sdn. Bhd. is set to exhibit once again at the upcoming Cyber Digital Services Defence & Security Asia (CDSA) 2024. With their expertise in the eKYC solutions, Innov8tif aspires to shed light to the public on the technology and how it works.
Held from August 6th to 8th at the Kuala Lumpur Convention Centre (KLCC), the event aims to inform attendees about the latest cybersecurity knowledge and intriguing insights. The event brings together key players in governments and private sectors to accelerate their cyber defence and security agenda.
For domestic regtech firms such as like Innov8tif Solutions, CDSA provides a platform to showcase the latest innovative technologies, designed to safeguard digital economies and foster global competitiveness.
“Events such as Cyber DSA plays a crucial role in strengthening and redefining the perspective of cybersecurity landscape, especially in Malaysia. This is especially important given 1,192% surge in data thefts last year,” says Joe Seah, Chief Commercial Officer of Innov8tif Solutions.
“As the digital world becomes increasingly competitive, it is essential for businesses to stay informed about the latest cybersecurity trends and digital transformation strategies.”
Market Research Future (MRF) reported that the cybersecurity market is booming, with projections showing a significant rise from USD 151.57 billion in 2024 to USD 358.82 billion by 2032. As businesses and individuals rely more heavily on online services and store sensitive data electronically, the need for robust security solutions grows ever stronger.
According to the national cyber security index ranking APAC 2023, Malaysia ranks first in the Asia-Pacific region, with an index score of 79.22 as of July 2023, followed by Singapore, South Korea and Bangladesh.
“As more businesses move online, cybercrime is on the rise. This makes strong eKYC tools even more important to fight fraud and keep the digital landscape safe,” adds Seah.
Through a recent study by Facts and Factors, they indicated that the global eKYC market is estimated to grow annually at a CAGR of around 21.55% over the forecast period (2023-2030). As Malaysia’s largest identity assurance provider, Innov8tif is seizing this pivotal opportunity to drive the cybersecurity industry forward and empower businesses to embrace the future of secure and efficient digital identity verification.
The Cyber Security Malaysia (CSM) official website stated that a total of 5,917 cyber security incidents were reported last year. Out of those cases, 3,705 cases were reported as scams or fraud. Data thefts in Malaysia has also shown a worrying increase, with 142 cases reported in just the first quarter of 2024.
“Understanding how ID assurance works is crucial for everyone today’s world. It helps protect your personal information online, prevents identity theft, and protect users from the ever-growing threat of online scams, fraud and data thefts. By implementing robust ID assurance practices, we can collectively build a safer digital environment for everyone,” Seah adds.
Innov8tif was recently granted US 12026932 patent. Being an ISO 27001:2022 certified AI and software technology company, Innov8tif will be showcasing their expertise and offering in-depth consultations on eKYC and ID assurance.
Their comprehensive solution streamlines customer onboarding and enhance security by verifying identities efficiently. Beyond learning about eKYC, CDSA provides a platform to connect with Innov8tif and other industry leaders for exchanging ideas and exploring potential opportunities.
