More companies have jumped into the cybersecurity market, which has ballooned in value to 13 billion baht as organisations embrace digital transformation.
These companies seek cybersecurity services to drive their revenue growth.
SET-listed G-Able spun off its cybersecurity unit to become a consultancy and solutions provider called CyberGenics, with registered capital of 50 million baht.
The spin-off enables the company to expand the potential for providing full and comprehensive customer service capabilities to business organisations, along with delivering the greatest efficiency in terms of cybersecurity.
Many IT related companies last year began to focus more on the cybersecurity market. For example, Benchachinda Group set up Cyber Elite to tap the cybersecurity market, while digital transformation consultant BlueBik established a cybersecurity firm called Bluebik Titans Co.
The SET-listed IT product distributor Synnex acquired a 25% share in local security operation centre (SOC) service provider CyberTron last year. The role of an SOC is to protect customers from cyberthreats.
This month the SET-listed digital solutions provider Turnkey Communication Services (TKC) signed an exclusive memorandum of understanding with EC-Council, a global leader in cybersecurity education and certification, to establish a joint venture to act as an SOC for enterprises, and to offer comprehensive training programmes in Thailand.
According to the partnership, the move caters to growing demand for cybersecurity services as Thailand's critical infrastructure rapidly evolves.
According to CyberGenics, the company is penetrating the cybersecurity market with integrated services along with leading solutions from global partners to manage security and monitor cyberthreats covering all business needs, in line with the growing trend of digital transformation.
Chaiyuth Chunnahacha, chief executive of G-Able, said technology is important because it improves the quality of life and creates competitive advantages in business. Technology can be used to create new value by analysing data in product development, making business planning decisions, and preventing cyber-attacks.
The rapid growth and expansion of technology will drive the growth of cybersecurity. According to Cybersecurity Ventures, a cybersecurity research and statistics organisation, by 2031 a cyber-attack will take place every two seconds, up from the current rate of every 11 seconds, representing alarmingly rapid growth.
Mr Chaiyuth said the company sees the cybersecurity arena as its new S-curve growth and this is why it spun off the cybersecurity unit to be its latest subsidiary.
Sutee Assawasoontarangkoon, chief executive of CyberGenics, said the company supports cybersecurity services and solutions for both existing customers and new markets, including the government sector.
He said cybersecurity demand is growing in line with organisations' adoption of cloud service, more frequent cyber-attacks, and the emergence of new state regulations, such as the Personal Data Protection Act and Cybersecurity Act.
The spinning off of 100 staff from a total of 1,500 staff at G-Able would make CyberGenics more agile and would allow it to focus more on its own service, he said.
Mr Sutee said the total addressable market for cybersecurity in Thailand is around 13 billion baht, of which 7.5 billion represents the value of the enterprise market, 3 billion the government market, 1.5 billion the Small Office Home Office market, and 1 billion, which accounts for the remainder. The total market is growing by more than 10% per year.
He hopes CyberGenics will grow in line with or higher than the market average and estimated that the company is now ranked in the top five among over 30 such cybersecurity players in the local market.
Mr Sutee said ransomware and malware attack are the two leading threats, while investment in cybersecurity from organisations is still focused on infrastructure, cloud security, Internet of Things and Operation Technology.
He said by early 2024, the company will introduce its own cybersecurity management platform that will also integrate with the technology of its global partners.