PETALING JAYA: More Malaysian companies are taking cybersecurity and environmental, social and governance (ESG) issues seriously, amid concerns over data breach and required annual sustainability reporting by local authorities.
Grant Thorton Malaysia PLT country CEO Kishan Jasani said that, of late, the firm has received high interest equally for both concerns as companies are looking at cybersecurity and ESG “very seriously”.
“ESG is more because of the requirements that are coming in globally and the opportunities that are seen within the ESG space. For cybersecurity, the threat is there and they are trying to heal that,” he told SunBiz.
He cited a recent cybersecurity report by Sophos, which found that 79% of Malaysia companies were attacked by ransomware in 2021, while the global average was at 66%. He pointed out a report by Cyber Security Malaysia, which discovered that Malaysia reported 4,741 cases of cyber threats last year, while 456 fraud cases were recorded as of February 2023.
In addition, he shared that the firm had always offered both services to its clients but only on an “unofficial basis”. Seeing a rise in demand from clients, it decided to officially launch both services in January this year.
“We realised that the demand has surged, so we have dedicated resources on the team and invested in these functions a lot more because the client requires it,” Kishan said.
The firm offers audit, tax as well as advisory, services and currently has 4,000 to 5,000 corporate clients, comprising multinational companies, mid to large corporates mostly in property, manufacturing and professional sectors. It serves over 90 public-listed companies.
Kishan said Grant Thorton Malaysia aims to increase its growth by 15 to 20% year-on-year, underpinned by the expansion of the domestic economy. Last year, it registered a double digit growth due to the surge in clients and revenue.
“Its primarily driven by the expansion of economy in Malaysia and the increased level of sophistication that Malaysian corporates are requiring. Malaysian corporates now are becoming more and more sophisticated, they are looking for different lines of service,” he added.
On the firm’s five year plan, Kishan said it plans to grow its service offerings in ESG, assurance, cybersecurity and tax.
“We've got less than 1,000 certified sustainability professionals and for cybersecurity, Malaysia requires up to 20,000 cybersecurity experts to increase our cybersecurity levels,” he added.
Based on the Malaysia Digital Economy Blueprint (MyDigital), the government targets to develop professional digital talent including 20,000 cyber security knowledge workers and 30,000 data professionals by 2025.
In addition, Kishan said, before a company applies for an initial public offering (IPO) on Bursa Malaysia, it has to go through an audit in the initial stage, which is a service that the firm offers.
He shared that this year, the firm has rendered services to six companies that have launched their IPOs on the ACE and the Main markets, with its recent client being a brokerage. Subsequently, after an IPO, the firm is able to assist the company by engaging as auditors.
“When it comes to IPOs, we have been primarily reporting the contents. We audit their books and act as their accountant in charge for their prospectus. We've got the expertise to service our mid to large corporations. We are growing that and we are able to offer full breadth of services to them,” said Kishan.
To date, it has four office branches in Malaysia – in Kuala Lumpur, Penang, Johor Bahru and Kuantan. Additionally, it has expanded its services to Phnom Penh, Cambodia.
Kishan expects the firm to establish a presence in Sabah and Sarawak on the back of increased demand. “We already have existing clients in Sabah but we are servicing (the clients) through our KL office ... we're looking to expand that but that'll be in the near future,” said Kishan.
Source: The Sun Daily
A word from our sponsor:
Need Help With Your Personal Finance / Money Issue or need a coach to help you structure or just want to learn the financial skill to self manage your financial matters and retirement. iLearnFromCloud.com
Need to solve a problem quickly, now you can solve it by learning the art of problem solving Art Of Problem Solving
Feeling hungry. Latest food news from Best Restaurant To Eat Malaysian Food and Travel Blog
Memory loss. Need to organize better. Solve problem fast with Free Mind Mapping Software Mind Mapping 101
Need A Customized System Development for your business or Going Paperless XPERT TECHNOLOGIES - Empowering The Paperless Economy
No comments:
Post a Comment