Benchachinda Group (BCG), a digital infrastructure and solution provider, has set up a subsidiary -- Cyber Elite -- to make a foray into the 13-billion-baht cybersecurity market in Thailand amid a rise in digital adoption.
Cyber Elite aims to attain 1 billion baht in revenue by 2025.
Speaking via a virtual conference, Cyber Elite managing director Supakorn Kungpisdan said cybersecurity is now increasingly vital for organisations, driven by digital transformation, remote work, cybersecurity regulations and cloud security concerns.
Cybersecurity-related regulations are being enforced by various regulators, such as the Office of Insurance Commission, Bank of Thailand, and the Office of the National Broadcasting and Telecommunications Commission, which have driven demand for cybersecurity services to another level.
"We expect to see a 20% growth of the cybersecurity market in Thailand this year with a market size of 11-13 billion baht," said Mr Supakorn.
To capture this opportunity, Cyber Elite was established with 50 million baht in investment, including a security operation centre with around 100 employees, 90% of whom are certified personnel, he said.
The company is offering services, covering integration of cybersecurity solution systems, consulting for standard compliance, managed security, research and development as well as training.
He said consultancy services for compliance with the Personal Data Protection Act (PDPA), which is scheduled to be fully enforced in June, is becoming saturated with price competition, and there are now other interesting areas include identifying risks and overviewing cybersecurity measures to support chief information security officers.
Despite economic woes and budget constraints, firms continue to invest in cybersecurity in prioritised areas, he said.
"To prevent and protect cyberthreats, it's not just a procurement solution, we can advise to improve the process and find potential risk areas with customisation. This will create value proposition from our local service teams," said Mr Supakorn.
The company will soon launch a new generation of log management, capitalising on artificial intelligence to detect cybersecurity incidents, he said.
In 2023, the firm aims to roll out its intelligent security platform, he noted. Enterprise blockchain security is another crucial area for R&D as blockchain and Web 3.0 have raised serious concerns in terms of tackling cyber-attacks, he noted.
The firm also aims to expand its reach into the Indochina market amid a surge in demand for managed services.
Mr Supakorn said Cyber Elite aims to attain 350 million baht in revenue in the first year of its operation, crucially catering for bank, telecom and tech firms. The private sector is expected to generate 70% of the firm's revenue and the public sector the remainder.
"We aim to achieve 1 billion baht in revenue by 2025," he said.