Cybersecurity is presently a major concern in today’s digital landscape, with the threat environment evolving rapidly, making it increasingly challenging to outpace attackers. Ransomware incidents are on the rise, affecting businesses and critical infrastructure such as food, energy, and health sectors. The financial implications are staggering, with projections estimating the cost of cybercrime to reach USD 10.5 trillion by 2025. In response to this escalating threat landscape, Flexxon, a Singapore-based company specializing in computer memory storage and cutting-edge cybersecurity solutions, is dedicated to safeguarding the online users’ rights. Camellia (Cam) Chan, the CEO and co-founder of Flexxon, recently engaged with WIPO Magazine to delve into the company’s innovative cybersecurity approach and its commitment to fostering innovation and intellectual property protection. Flexxon is poised to clinch the 2023 Un World Awards.
Our objective is to revolutionize perceptions of data security and instill a heightened sense of security among online users.
Co-founders of Flexxon Camellia Chan (left) and May Chng (right). (Photo: Flexxon Courtesy)
What prompted the establishment of Flexxon?
Having accumulated valuable experience working for major corporations in Asia, I harbored a strong inclination towards innovation and a desire to create something transformative on a global scale. In 2007, my co-founder May Chng and I established Flexxon, leveraging our expertise to develop solutions addressing real-world challenges faced by our clients while upholding values of progress, transparency, and equity. Over the past 15 years, we have expanded globally, augmented our team by over 20-fold, and ventured into the critical security market. In 2021, we unveiled our X-PHY AI Cybersecure SSD, the world’s pioneering AI-integrated firmware-based security solution. The X-PHY® operates autonomously, detecting data anomalies and thwarting potential ransomware attacks in real-time without human intervention, serving as a final defense against evolving hardware-level digital threats.
What is the core mission of Flexxon?
Through the creation of state-of-the-art, secure, efficient, and sophisticated data storage solutions, we aim to redefine perceptions of data protection and furnish online users with enhanced security.
Projections suggest that cybercrime costs could soar to USD 10.5 trillion by 2025. Under conventional cybersecurity approaches, users are tasked with upholding security and monitoring threats. Flexxon’s premier AI cybersecurity solutions offer advanced defense mechanisms against evolving digital threats. (Photo: Getty Images Plus / PUGUN SJ/ iStock)
What services does Flexxon offer its clients, and who are they?
With our suite of AI security solutions accessible in 20 countries, businesses now benefit from heightened defense against evolving cyber threats. Notably, we collaborate with Fortune 500 companies like ABB, Bosch Schneider, Honeywell, and Johnson & Johnson, in addition to clients spanning industries such as business, healthcare, automotive, and defense. Through X-PHY®, our users enjoy elevated protection against online threats. Given the rapid evolution of security landscapes, we aid our clients in extending the longevity of their memory storage technology by ensuring compatibility with contemporary market solutions.
Installation of the X-PHY® SSD in a computer. X-PHY offers an advanced defense mechanism against virtual threats. (Photo: Flexxon Courtesy)
Insights on the impact of cybercrime and the realm of computer security
As per Cybersecurity Ventures, cybercrime is projected to incur costs amounting to USD 10.5 trillion by 2025. While our solutions contribute to mitigating this risk, cybercrime remains pervasive. The ramifications of a network breach due to cybercrime are severe, with potential data compromise through ransomware posing significant threats. Ransomware attacks, a predominant form of cybercrime, underscore the critical importance of data protection. While we cannot avert all threats, safeguarding data, a vital asset, is paramount.
Presently, we face escalating challenges, with cyberattacks weaponized to disrupt vital business operations and essential services reliant on digital systems. The aftermath of significant attacks, such as the ransomware incident targeting the Colonial Pipeline in 2021, underscores the critical need for robust security measures. In response, we are developing a novel solution, recently patented in Singapore, aimed at fortifying critical infrastructure. This solution, set for debut in 2024, will monitor activities across all memory chip sectors, an advanced iteration of X-PHY. By surveilling the entire memory system, we ensure comprehensive security, as every operation leaves a trace within the memory.
The security landscape is growing increasingly complex.
The evolving security landscape necessitates a shift from conventional static solutions like encryption, firewalls, antivirus software, and key management, which lack real-time threat detection capabilities. By integrating AI technology into our memory storage systems, we empower memory storage to autonomously manage and shield data from cyber threats. Our hardware-based solution leverages existing AI algorithms, tailored to the enduring nature of hardware, obviating the need for complex AI systems for this purpose.
Is Flexxon’s technology the ultimate defense against cybercrime?
Our technology safeguards invaluable hardware-stored information, serving as a pivotal defense layer. However, it does not eradicate all forms of fraud, including social engineering tactics. Users must remain vigilant about their system’s health and exercise caution in their online interactions.
Why is a paradigm shift in security strategies imperative?
The security sector’s historical focus on software-based solutions has overlooked the hardware layer, where critical data resides. Traditional approaches, limited to six of the seven OSI network infrastructure layers, necessitate continual updates and vigilance, placing the onus on users to maintain security and counter threats like phishing attacks. Despite these efforts, cyberattacks persist, with a substantial proportion stemming from human error. Exploiting human fallibility remains a potent tactic for threat actors. In the face of escalating cyber threats, a proactive strategy is indispensable, emphasizing complementary solutions to fortify security at the core memory storage level, enhancing data monitoring and defense mechanisms.
Conventional wisdom centered on processes, technology, and people is inadequate in the current cyber threat landscape.
Conventional wisdom centered on processes, technology, and people is inadequate in the current cyber threat landscape. A proactive approach, complemented by additional protective layers, is imperative. By securing memory storage—where vital data is stored—we bolster data monitoring and fortify defenses against cyber threats. Our X-PHY technology, focusing on the physical layer and employing AI in an enclave setup, identifies specific data access patterns in real-time, enhancing threat detection capabilities. This unique approach is unmatched thus far and heralds a new era of cybersecurity.
Safeguarding memory storage provides a last line of defense in the event of system breaches.
This unconventional approach challenges established norms and engenders resistance within the security market. Nonetheless, our solution augments existing cybersecurity software, providing a final defense layer by securing core memory storage. In the event of security breaches, safeguarding memory storage offers a crucial last line of defense.
Are additional regulations necessary to combat cybercrime?
While regulations play a role, they cannot entirely thwart threat actors. Adhering to conventional strategies fails to address 95% of cybersecurity challenges. Legislation, while essential, must strike a delicate balance, fostering innovation while addressing security concerns.
Despite regulatory efforts, threat actors remain beyond complete control, necessitating proactive security measures.
How does Flexxon promote global adoption of its security systems?
Collaborations with major PC manufacturers like ASUS, Dell, HP, and Lenovo enable Flexxon to integrate its patented technologies into reputable products. Future plans involve licensing our technology to competitors, facilitating its integration into solid-state drives (SSDs).
Envisioned changes in the security landscape
Our mission is to ensure the safety of all individuals in the modern digital realm. By embedding our technology in the creative ecosystem, we aspire to foster a more secure virtual environment. The recognition of our IP’s transformative potential underscores this vision.
At Flexxon, innovation is ingrained in our DNA. We prioritize research and development investments to accelerate product innovation and safeguard our intellectual property. Over the past three decades, we have secured 27 trademarks and 30 patents globally, leveraging our substantial IP portfolio to bolster our market leadership, enhance brand recognition, safeguard innovations, and foster potential partnerships and licensing opportunities across B2B and C markets.
Innovation is at the core of Flexxon’s ethos. We are committed to leveraging technology to drive progress.
Our dedicated 80-person team focuses on adding value and expanding our business horizons. Technology underpins our growth strategy, ensuring our competitive edge and positioning us as industry frontrunners.
Elucidation of Flexxon’s IP strategy
To fortify our IP rights in key markets, Flexxon has devised a comprehensive global strategy. By nurturing a culture of creativity and innovation, we recognize and reward staff members contributing to our IP development. Collaborations with IP experts further enhance our IP management capabilities.
Manufacturing of Flexxon’s memory storage solutions and X-PHY®
All our solutions are meticulously crafted in-house, with manufacturing outsourced to Singaporean partners under strict non-disclosure agreements (NDAs).
Current challenges facing Flexxon
Amidst the escalating cyber threat landscape, reshaping the security sector’s mindset and entrenched reliance on technology solutions pose significant challenges. However, we view each challenge as an opportunity to enhance our understanding of how our technology complements traditional methodologies.
Implications of winning the WIPO World Award
The accolade signifies a validation of our commitment to innovation and a catalyst for advancing our contributions to the cybersecurity domain. The recognition garnered from the Award will amplify awareness of our technology, potentially attracting more users and investors. Moreover, the Award will facilitate the influx of funds essential for scaling operations and unlocking diverse avenues for innovation.
The WIPO World Award showcases that innovation transcends organizational size, empowering SMEs to make a significant impact in the cybersecurity landscape.
The WIPO World Award serves as a testament to the transformative potential of our technology, empowering SMEs to leverage deep tech and IP assets for growth. It underscores that innovation is not exclusive to industry giants with extensive IP resources but is accessible to all players in the market. As Flexxon demonstrates, SMEs can build robust IP portfolios, level the playing field, and compete on equal footing with industry leaders.
Future endeavors and aspirations
Continuing our collaboration with international partners, we aim to advocate for strategic security measures globally, fostering a safer and more secure digital landscape.
