Cyber Elite, a Bangkok-based cybersecurity service provider, is enlisting the tech power of American IT giant IBM in strengthening the capability of its Cyber Security Operations Centre (CSOC) as it aims to become one of the key CSOC players in Asean within five years.
The company, which is a subsidiary of Benchachinda Group (BCG), a digital infrastructure and solution provider, also aims to stand at the forefront of CSOC services in Thailand within three years.
"The company sees the rising trend of cybersecurity as organisations have been gearing up for digital transformation since the pandemic," said Supakorn Kungpisdan, managing director of Cyber Elite.
Cyber Elite provides cybersecurity solutions and advisory services as well as managed security services, cyber capability-building and cybersecurity products.
The company is investing 30-50 million baht in the CSOC to support managed security services to monitor, detect and respond to cyberthreats promptly and accurately.
The cooperation with IBM will help level up threat intelligence capability, he said.
"This partnership is to integrate threat intelligence technology into our cybersecurity platform, enhancing the system to be aware of the latest cyberthreats while helping detecting and responding to the threats much faster and more accurately," Mr Supakorn said.
"CSOC is not only detecting threats but can support prediction and run automatically with less workforce," Mr Supakorn.
Cyber Elite's year-on-year growth exceeded 400% in the first half of 2022. Major revenues came from cybersecurity solutions and security advisory services.
Many organisations are outsourcing managed security services due to a shortage of cybersecurity workforce and the move could help reduce costs by 30-50%, he said.
They also have to comply with cybersecurity-related regulations to ensure data protection.
Mr Supakorn said the country's cybersecurity market is worth 12 billion baht, 10-15% of which involves managed security services.
"The company aims to attain a 30% market share of managed security services in the country within three years and become a key player in Asean within five years as the service can be provided without borders," he said.
The firm also plans to expand the capability of its operational technology security and develop its own innovative products.
Its target customers include banks, financial firms, insurers, listed companies, retailers, tech firms as well as government agencies.
Pawasut Seewirot, country leader of IBM Software at IBM Thailand, said Asia is a prime target of cyber-attacks.
Public health, financial, insurance and retail businesses are the main sectors for the assaults, she said, adding ransomware is a global cybersecurity threat that can wreak havoc on business supply chains.
According to Mr Supakorn, the company's first half revenue saw a growth of 400% year-on-year, mainly from cybersecurity solutions and security advisory services.
In the second half, the company will work with business partners to strengthen its cybersecurity platforms to provide proficient services to target customers, he said.