KUALA LUMPUR (Nov 1): Rexit Bhd (KL:REXIT) has appointed a unit of LGMS Bhd (KL:LGMS) as an independent cybersecurity audit firm to reaffirm the company’s data security against breaches.
This comes after two of the Software-as-a-Service (SaaS) provider’s major shareholders were sentenced to jail in a Singaporean court for participating in a conspiracy to illegally obtain data of over 9,000 people.
Rexit said the appointment of LGMS’ wholly owned LE Global Services Sdn Bhd serves as an additional pre-emptive measure after Rexit carried out its own internal audit — which it said is comprehensive, detailed and showed no data breaches — while its data security processes remain resilient against any threats.
“This independent cybersecurity audit will also help us future-proof our IT and data security protocols, providing added reassurance to our customers into the foreseeable future,” Rexit chief executive officer Gallen Lee said in a statement on Friday. The independent cybersecurity audit is expected to be completed by end-December this year.
Lee, together with Rexit's adviser Datuk Chung Hon Cheong, had told The Edge Malaysia weekly in an interview published for the week of Oct 21-27 that the group was looking to appoint a forensic auditor to ensure there has been no data breach.
On Oct 24, Datuk Seow Gim Shen and Kong Chien Hoi were sentenced to jail after pleading guilty to one charge each of conspiring with Chinese national Sun Jiao to have the personal information of 9,369 unknown individuals supplied to them for gambling operations.
Seow is the largest shareholder of Rexit with a 23.33% stake, while Kong is a substantial shareholder via investment holding company Metaco Asset Holdings Sdn Bhd’s 18% stake in Rexit. A check with the Companies Commission of Malaysia showed that Kong owns a 42.5% stake in Metaco.
Rexit provides software to insurance and unit trust companies and runs web-based solutions that provide insurance companies with an online system where insurance agents can undertake transactions.
According to the company’s website, thousands of insurance agents, more than 10 insurance companies in Malaysia, one in Singapore, five banks and telcos utilise its e-commerce portal.
Shares in Rexit ended one sen or 1.41% higher at 72 sen, valuing the company at RM136.32 million. LGMS shares closed one sen or 0.73% lower at RM1.36, valuing the company at RM620.16 million.