[Click eStock] "Fasoo to Expand Data Security Sales with MyData Implementation Next Month"

[Asia Economy Reporter Ji Yeon-jin] Hana Financial Investment forecasted on the 29th that Fasoo, a data security company, will see a continuous increase in market share due to the expected rise in demand for data security and de-identification solutions following the implementation of the MyData business next month.

Fasoo is a security software company that started as an in-house venture of Samsung SDS in October 1999 and was established as an independent corporation in June 2000. Its main businesses include data security (Fasoo DRM, DataRadar, RiskView), application security (Sparrow), and data de-identification (AnalyticDID). As of the third quarter of this year, the cumulative sales composition is 13.5 billion KRW (59%) from data security, 2.7 billion KRW (12%) from application security, 1 billion KRW (4%) from information security consulting, and 5.7 billion KRW (25%) from maintenance.

Kim Doo-hyun, a researcher at Hana Financial Investment, stated, "Fasoo's future growth engine is the growth of the data de-identification solution business," adding, "Following the revision of the Three Data Acts in January last year, de-identified (anonymous, pseudonymized) data can be used for research and commercial purposes without individual consent. Fasoo is expected to dominate the domestic market based on its de-identification solution ‘AnalyticDID,’ which was developed in 2015 and launched in 2016."

Fasoo's de-identification solution products comply with GDPR (General Data Protection Regulation of Europe), HIPAA (Health Insurance Portability and Accountability Act of the United States), and other regulations. It is expected that with the market opening, Fasoo will not only secure domestic market share but also achieve overseas sales growth due to expanding global demand. Fasoo's data de-identification sales grew from 900 million KRW last year to 2.8 billion KRW in 2021, and it is expected to increase significantly to around 5.7 billion KRW next year.

The company is projected to achieve sales of 58.6 billion KRW this year, a 28.5% increase compared to the same period last year, and an operating profit of 15.2 billion KRW, turning profitable. Next year, due to the prolonged COVID-19 pandemic, expansion of remote work, and non-face-to-face services leading to an increase in new data security customers, sales are expected to reach 58.6 billion KRW (+25.2%) and operating profit 15.2 billion KRW (+126.8%).

This content was produced with the assistance of AI translation services.