In his first few years at Temasek, Yeoh Keat Chuan, better known as KC, “lived and breathed cybersecurity”.

“More and more companies were digitalising, and cybersecurity was an obvious growth area,” recalls KC, now Head of Enterprise Development for Temasek’s Portfolio Development Group (PDG). The PDG focuses on building and nurturing new ventures and developing innovative solutions to key global challenges. “An equally important consideration was ensuring our portfolio companies had access to the cybersecurity capabilities they needed to be adequately protected in an evolving threat landscape.”

In 2018, he stepped into the role of Interim CEO of Ensign InfoSecurity, a venture established by Temasek to provide 24/7 cybersecurity services. At the same time, he double-hatted within the Enterprise Development Group (EDG) leading efforts to build Istari, a global cybersecurity investment platform.

While Ensign provided operational cybersecurity services from systems integration to real-time monitoring, Istari’s team of “Jedis” focused on strategy and identifying growth stage companies with cutting-edge innovations to invest in.

For KC, the two roles offered clear synergies. “For that period of time, being so focused on cybersecurity made it easier to see how the pieces fit together.”

The evolving landscape of digital defence/Defending the digital realm

KC’s ability to quickly grasp industries that were new to him was honed over a 23-year career with the Economic Development Board (EDB), where he moved between sectors ranging from biomedical sciences and aerospace to media and communication. His approach was straightforward but effective: “Read widely. Speak to people”. It served him well when he joined Temasek in 2017 and found himself navigating the rapidly evolving world of cybersecurity.

“The attack surface had expanded significantly,” KC explains. “More companies were shifting to the cloud and digitalising their business processes, and their supply chains, including smaller, less-protected companies, became points of vulnerability. Meanwhile, cybercriminals had access to increasingly sophisticated tools, especially with the rise of AI.”

Temasek’s early investments in cybersecurity funds gave KC a unique window into the industry. “You see what’s catching their attention, and talk directly with the people running the funds to understand the trends, challenges, and opportunities [in the space],” he says.

“We had seen very few cyber companies succeed as parts of a larger entity,” he explains. “[In these cases], cybersecurity services were offered alongside other products, which meant they weren’t fully focused on protecting their clients. That was the problem statement.”

This led to the 2018 merger of the cybersecurity businesses of portfolio companies Certis and StarHub to form Ensign as a pure-play cybersecurity services company.

Ensign was built on three core offerings: systems integration, round-the-clock managed security services through a 24/7 Security Operations Center (SOC), and advisory consulting, which included incident response. A fourth area focused on growing their international business. This comprehensive suite of services, supported by an in-house research lab, meant that clients could rely on Ensign for both the technical implementation and strategic aspects of cybersecurity, across their local and global operations.

Delivering these services required a specialised workforce, a resource in notoriously short supply in the industry.

“We started with about 500 people and now have over 800,” KC says. “Building scale in cybersecurity is tough. Business is not highly profitable unless you reach a certain level, but talent is scarce and expensive. Being a pure-play cybersecurity company, people naturally looked to us because we’re specialised.”

While Ensign focused on operational cybersecurity services, primarily in the Asia-Pacific region, Istari took on a broader, more strategic role. “Unlike physical attacks, where you have to travel over land and water, cyberattacks take place in milliseconds,” says KC. “Istari was designed to help enterprises address cybersecurity as a global challenge.”

Istari provides consulting and advisory services, while also developing a portfolio of early-stage cybersecurity companies through strategic investments. “The idea is to be able to bring innovative solutions to Singapore and Asia, so they can work together with Ensign to provide our portfolio companies with comprehensive defence.”

Its Compass Programme is central to this effort, bringing together Chief Information Security Officers (CISOs) from around the world to exchange insights and best practices, keeping enterprises a step ahead of evolving threats.

“The intersection of Ensign’s operational expertise and Istari’s thought leadership makes for a unique combination and offering,” says KC. “We’re not just reacting to threats – we’re anticipating them and working with enterprises to develop bespoke cyber solutions.”

Staying ahead of the curve

In 2020, KC returned to Temasek briefly before moving to head Temus, a new portfolio company set up to provide digital transformation services. In July this year, he returned to head Enterprise Development, now merged with the Portfolio Development Group. He oversees early-stage companies within Temasek’s portfolio, including Ensign and Istari.

Reflecting on his journey, KC lands on the importance of flexibility, especially in rapidly evolving sectors. “I have a favourite saying from Mike Tyson: Everyone has a plan until they get punched in the face,” he says. “You can’t fall in love with a strategy. The strategy that works is the one that survives the test of the market. If it needs to change, change it sooner rather than later”. It’s a mindset that he will continue to apply in his new role. 

“Temasek’s foresight in setting up Enterprise Development was crucial,” KC reflects. “It wasn’t just about addressing current needs but looking ahead. It’s one of the few companies with the willingness – or mandate – to invest in building capabilities ahead of demand.”

It’s what keeps him motivated, KC says. “I’m excited about building what will hopefully be the next generation of portfolio companies that will not only lend resilience to Temasek’s portfolio, but also Singapore’s economic landscape.”