Speaking at the SecureGov Forum in Kuala Lumpur, Under Secretary for the ICT Policy Division, Ministry of Science, Technology and Innovation, Dr Amirudin Abdul Wahah, said that the sector would grow from $260 million in 2010 to $5bn in 2020 as part of a sustained investment in research and development across the sector targeting local and international suppliers.

“You can see the threats increasing, not just in Malaysia but around the world,” he said.

“Cyber security is no longer something that can be ignored, but it is a new source of investment.

“Global cyber security companies are making Malaysia a hub in the region. We’re hoping to grow cyber security in the region, not just as protection and for security matters – but as an opportunity.”

Delegates at the SecureGov Forum heard about the growing threat of cyber attacks on critical infrastructure in Malaysia and the efforts by government agencies to mitigate threats through effective governance and the infusion of a “culture of stability”.

Under Secretary, Cyber & Space Security Division, National Security Council, Prime Minister’s Office, Mohammed Shah Nuri, said that there was a need to focus on “addressing the risks to critical infrastructure and establishing a comprehensive programme and responsibilities” for mitigation.

The National Cyber Security Policy, devised by the Ministry of Science, Technology and Innovation, was set up to safeguard the 10 sectors deemed critical to Malaysia in the event of a cyber attack including banking, healthcare, energy and transport.

Nuri said that more than 300 government agencies classified as Critical National Infrastructure (CNI) would be required to meet Information Security Management System standards – the set of policies, processes and systems devised to manage risks to information assets - by 2013.

Head of Strategic Policy Research for Cyber Security Malaysia, Colonel Sazali Sukardi, said that threats such as the recent Stuxnet worm had woken governments up to the increasing threat of cyber security.

“Cyberspace has its own boundaries and it is a borderless society,” he said. “Globalisation has changed our lives and ICT, like any other technology, brings with it huge challenges.”