Securemetric’s RM8 million investment in Innov8tif will accelerate their goal in helping businesses enhance their security in the era of rapid digitalisation
Edward Law, the Chief Executive Officer of Securemetric
The unprecedented Covid-19 pandemic that caught the world off-guard in 2020 became the accelerator of rapid digital economy transformation on a global scale.
Many businesses switched to online to ensure the continuity of their cash flow and business sustainability. The acceleration of business digitalisation and rapid growth across many sectors became extremely susceptible to online security breaches without proper digital security fortification.
This is where Securemetric comes steps in, to enhance digital security. Securemetric is a Malaysian digital security technology company that offers innovative solutions across Southeast Asia and beyond. The company currently plays a major role in providing digital security solutions across governments and enterprises in the SEA region, as it is their vision to helm the key role, especially in the region’s digital economy transformation.
“We focus on three key areas for digital security, and they are Securing Digital ID, Securing Mobile Applications and Securing Online Transactions,” Edward Law, the Chief Executive Officer of Securemetric, explains.
Securing Digital ID is a process in helping organisations or governments to set up Public Key Infrastructure that will form as the fundamental of TRUST within the digital economy. Securing Mobile Applications, on the other hand, is building a framework to protect mobile applications from highly vulnerable mobile phone environments through Run-Time Application Self Protection.
Securing Online Transactions is enforcing strong user authentication to ensure only authorised users can perform the transaction, through digital signature to achieve legally binding authorisation with tamper-proof protection.
Securemetric recommends current businesses to take heed in securing their digital footprint for their businesses as fraud activities are rampant in tandem with businesses making the digital shift.
“With the MyDigital Blueprint set up by the Government, they foresee the need to fortify the foundation of digital security when the world is moving towards a digital economy at an incredible speed. The pandemic also accelerated the initiatives and this is the best time for us to really take serious consideration in protecting our businesses and data,” Law shares.
Securemetric introduces two cloud-hosted Security As A Service that protects businesses and agencies for their everyday transactions such as:
SigningCloud is a secured cloud-hosted Digital Signature service that was built as a fully Public Key Infrastructure based digital signing cloud. This means that every signer is required to sign in with their Digital ID either through SigningCloud ID or Trusted Certificate Authority ID.
- Centagate Cloud
Centagate Cloud is a cloud-hosted authentication service similar to Okta and Onelogin. It can help organisations deploy Single Sign-On – a single login credential that can be used to access across enterprise applications.
The Innov8tif Investment
As Securemetric evolve into a Security-as-a-Service (SaaS) company to offer more comprehensive security solutions to various sectors, Securemetric’s Board of Directors made a decision to invest RM8 million into Innov8tif Sdn Bhd, a company that specialises in Digital ID assurance (e-KYC), Digital low-code process automation and Mobile biometric authentication.
“The area of Digital ID Assurance experienced a sharp increase in demand due to the pandemic. Covid-19 and the repetitive lockdowns pushed businesses to prioritised digitization of their customers’ onboarding process,” explains Law. “With the risk of financial loss or fine by the authorities due to the on-boarding fraudulent IDs, businesses are finding it a need to include e-KYC as part of their digital customer acquisition process.”
The 2021 Identity Fraud Study released by Javelin Strategy & Research, revealed that the total combined fraud losses climb to $56 billion in 2020, and are expected to climb in years to come. “This is a risk we all must identify when we digitalise our business, and precautions must always be taken,” Law says.
“Therefore, we have decided to invest in Innov8tif because of their strong proven track records, especially in their digital identity assurance area. There are a lot of synergies between both companies in terms of market access, with Innov8tif having a stronger presence in Malaysia while Securemetric possesses a stronger market share in Southeast Asia, as well as in the aspect of technology,” reveals Law. “As we plan for our aggressive overseas expansion, we are confident that with their digital identity assurance solution, it will further add value to our customers.” Law also mentions that eventually, both companies will explore the potential of cross-selling among two companies that will bring benefit to both companies.
For more information about Securemetric, please log on to their website.