Mitihoon – 24 September 2024, Bangkok – MFEC Public Company Limited (MFEC), leader of integrated IT services and cybersecurity solution expertise, collaborated with more than 20 global cybersecurity partners in organizing MFEC Cyber Sec Pro 2: The cybersecurity bridge between digital world and human forum. At the event, MFEC emphasized that organizations both in public and private sectors should attach importance to technology especially Generative AI and plan their digital-workforce upgrade for greater cybersecurity that must also be more stable and sustainable. Buoyed by its compound annual growth rate (CAGR) of 11.4% when compared with the previous year, MFEC aims to generate 6,734 million baht in revenue in 2024. Its cybersecurity group is expected to account for 25% of the total revenue amount.
Although Thai economy is still in the process of recovery, the country’s cybersecurity market already recorded the growth of 14 billion baht and the CAGR of 14.10%1 this year because of growing cyberthreats, many of which emerging in unconventional forms and inflicting much bigger damages. Aside, the fast-evolving technology in the digital economy and society has now required all organizations to look for efficient solutions and introduce proactive strategies, which include AI, for not just higher competitiveness but also cyberthreat prevention.
Growing Cybersecurity Market Underlines Cyberthreats Facing Various Organizations
As the world is shifting into “Digital-Economy mode”, people are practically living in a digital context. They have increasingly relied on tech-enabled media for both social and economic interactions. While technology makes lives easier and increases business advantages through a streamlined work process, it comes with a higher risk of cyberattacks. Research by Cybersecurity Ventures, a prominent organization known for compiling economic and cybersecurity statistics, has predicted that cybercrimes will cost the world 9.5 trillion US dollars in 2024 and probably as much as 10.5 trillion US dollar by 20252 Krungthai COMPASS, meanwhile, has forecast that Thailand’s cybersecurity investments will grow by 13% a year since 2022 and will be worth around 18 billion baht in 2025. Thailand’s cybersecurity industry therefore will likely earn 6.3 billion baht in revenue in 2025, up from 4.4 billion baht in 2022. Based on this forecast, the industry will record the CAGR of 12.3%. Providers of cybersecurity system implementation thus look set to enjoy a remarkable CAGR of 14.5%3. These impressive growth rates and the massive investments in cybersecurity reflect the challenges facing numerous organizations as well as the importance of investing in cybersecurity. In this era, data security must receive top priority.
Mr. Siriwat Vongjarukorn, Founder and Executive Chairman of MFEC Public Company Limited, said, “At present, investments are in Integration Solutions related to single partners, Enterprise Agreements, and Security Managed Services. During the past few years, the IT market and the cybersecurity market have been in line with the country’s economic situation. Shrinking investments in Thailand means our customers will need to adjust. Yet, our cybersecurity business has been doing well. It has continued to meet our growth target. Our Tech with Purpose strategy has built customers’ confidence and retained our customer base. Also, we have ridden on the AI trend by integrating AI into our new solutions to satisfy growing demand from both public and private sectors.”
Generative AI: Double-Edged Sword Used in Both Cyberattacks & Prevention
Sophisticated and smart, Generative AI has crucial importance to cybersecurity. Yet, it can be undeniably used as a tool for both cyberattacks and their prevention. Organizations therefore should understand AI roles and impacts as they get prepared for upcoming challenges. When AI backs a cyberattack, the threat can be very difficult to handle. But Generative AI capabilities can also support cybersecurity operations. Therefore, organizations must embrace AI-based security solutions to proactively deal with AI-driven cyberthreats. With proper utilization, AI enables organizations to analyze big data, detect, deal with, and resolve an issue fast and accurately. However, organizations must also plan to upskill their digital workforce. Investments in their cybersecurity team’s skills and knowledge must be continuous to increase cybersecurity, enhance efficiency, and stay ahead of increasingly complicated cybercriminals.
Mr. Damrongsak Reetanon, Chief Cybersecurity Officer of MFEC Public Company Limited, said “Technology especially AI has established a growing presence in cybersecurity business sector because they help with analytics, detection of any abnormality, and adjusting usage behaviors for greater cybersecurity. Still, organizations must plan the development of their digital workforce so as to ensure that their personnel can safely use digital technology for maximum benefits on a sustainable basis. The use of Gen AI against cyberthreats is labor-saving. But it should not replace human specialists, which are required in complex decision making. When a decision must take into account righteousness, ethics, regulations, and adverse business impacts, AI cannot work in place of humans. This means while cybersecurity technology including Gen AI can proactively boost cyberattack prevention with great efficiency, digital-workforce investments must continue. They are key to be one step ahead of the increasingly complicated cybercriminals.”
Mr. Damrongsak added that, “Today, MFEC has hired more than 120 cybersecurity engineers for our service delivery. We aim to significantly grow not our business but also the overall industry by expanding our customer base to mid-sized organizations and offering comprehensive managed services that answer the growing demand from both public and private sectors. We are committed to developing our human resources. On top of continuously increasing their technology knowledge, we have supported our staff’s pursuit of international certificates or standards, which reflect their expertise and readiness to provide top-class integrated cybersecurity services. Our human resources development has truly laid down solid foundation for not just our strengths in dealing with cybersecurity business’ new challenges but also our sustainable growth.”
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