Peak Group’s Investee Company TOFFS Rides the Wave of Increased Demand for Cybersecurity as COVID-19 Spreads
HONG KONG and SINGAPORE, July 30, 2020 /PRNewswire/ — With the COVID-19 pandemic surging around the world, many companies have had to switch to a work-from-home policy to keep their employees safe. The rush to onboard new applications and services that enable remote work, combined with insecure connections and dangerous security practices of employees, has significantly widened the attack surface and security strategies need to be updated to match this new dynamic threat landscape. Recently, multiple organizations and government agencies have reported or warned of increased cyber-attacks globally since the outbreak of the pandemic, including the World Health Organization (WHO) and Singapore Computer Emergency Respond Team (SingCert).
“Mr. Anthony Wong, Chairman of Peak Group”
TOFFS Technologies (“TOFFS”), the market leader in providing Multi-Content Delivery Network (MCDN) solutions, provides a robust validation process by differentiating valid users from attacking bots, thereby helping prevent distributed denial-of-service (DDoS) and other attacks. As remote and online solutions become the primary means for work during the lockdown period globally, TOFFS is experiencing increased demand for its MCDN solutions, driven by strong company fundamentals and the exponential increase in demand for network services as a result of the pandemic.
Meanwhile, in response to the increased need for telecommuting in many countries, TOFFS launched its proprietary video conferencing application, TOFFS MEET, recently. TOFFS MEET is a cloud-based app that supports secured video conferencing and remote collaboration solutions, and it has been very well received by its target community since the launch.
Surging demand for network security solutions
“As the demand for networking and cybersecurity increases in the age of big data and other disruptive technologies, the intensified cyber-attacks during the COVID-19 pandemic accelerated the demand for results-proven, comprehensive network security services. In fact, as more aspects of life move online, a seamless, high-quality digital experience in a safe and secure environment has become an essential necessity for billions of users globally, and TOFFS is playing a critical role in meeting this need. As a major shareholder of TOFFS, we are pleased to contribute our part in safeguarding the healthy functioning of the IT ecosystem as humankind tries to combat one of the most severe disasters in contemporary history.” said Mr. Anthony Wong, Chairman of Peak Group, a major investor of TOFFS. (Read here for an interview with Anthony, where he shares about his investment philosophy and more)
“TOFFS has been an important and instrumental part of our investment portfolio, in terms of both its financial performance as well as the technological expertise it provides to our other investee companies. Asia has been slower in adopting cloud services across the entire services stack and we believe that there will be attractive opportunities to invest in and seed companies in this space over the next several years. Peak remains committed to TOFFS for the long term and we look forward to its future market expansion and realization of its next phase of growth.”
A market leader in providing secured MCDN service in Asia Pacific
As disruptive technologies such as Artificial Intelligence, Internet of Things, and blockchain penetrate in an increasingly digital world, the demand for cybersecurity has been on the rise in the past few years and is expected to continue to grow. A recent Trend Micro Study revealed that more than 55 million malware attacks occurred in Asia Pacific in 1H2019, and Singapore accounted for 19.8% of these attacks. Against this backdrop, the Asia Pacific cybersecurity market is forecasted to outperform the global market. In fact, the IMDA expects Singapore’s Cyber Security market to grow at a compound annual growth rate of 10-13% to achieve a market size of US$2.4 billion in 2030.
In 2017, TOFFS Technologies was appointed as one of the six companies in the GovTech multimillion three-year bulk tender by the Singapore government for the provision of DDoS mitigation services. The other companies include Singtel, Starhub, Britain-based telco BT and Singapore-based CHJ Technologies. Led by a strong management team with decades of experience in the IT industry, TOFFS has received increased recognition in the Asia Pacific market, being ranked the 21st and the 30th fastest growing company in Singapore in 2019 and 2020 respectively[1]. In February 2020, TOFFS was included in the Singapore Quality Class (“SQC”) List. SQC, a government scheme launched in 1997, recognizes organizations that have attained a commendable level of performance in the journey to achieve world-class standards of excellence.
About Peak Holding Group Limited
Founded in 2008, Peak Holding Group Limited is a leading investment management company operating in Singapore and Hong Kong. The executive management team of Peak Group has more than 12 years of investment experience in Greater China, Europe, Japan, India and Southeast Asia. Through the development of intellectual capital for innovative solutions, Peak Group seeks to maximize long-term returns through diversified and structured investment portfolios. Its investment portfolio proudly features some of the most successful names in Asia such as Grab, WeDoctor, Duiba and several other promising companies in gaming, digital marketing, blockchain, fintech and cybersecurity. Committed to helping investee companies to become a leader in their respective industries and helping entrepreneurs realize their dreams, Peak Group has achieved a compound annual growth rate of more than 20% in investment returns for 10 straight years.
For more information, please visit: http://www.peakgroup.com.hk
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[1] By The Straits Times and global research firm Statista. Based on the company’s compound annual growth rate over a three-year period, i.e. 2014-1017 and 2015-2018 respectively
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