[Click eStock] Fasoo, a Data Security Specialist Recognized Worldwide

[Asia Economy Reporter Hyungsoo Park] SK Securities analyzed on the 29th that the importance of DRM is increasing worldwide due to COVID-19, and Fasoo is expected to benefit.

Seungdoo Na, a researcher at SK Securities, predicted, "The global DRM market, which was about $3.3 billion in 2020, is expected to grow to $8.2 billion by 2027."

He continued, "With the spread of COVID-19, remote work has increased, leading to rapid growth in the DRM market," and explained, "There are more situations where employees need to access company servers and handle data from outside due to telecommuting and remote work."

He emphasized, "The importance of solutions to prevent information and data leaks has grown even more," adding, "This can also be confirmed by Fasoo's increased export performance."

Fasoo's export revenue nearly doubled from about 700 million KRW in 2018 to about 1.4 billion KRW last year. The export ratio within sales also rose from about 1.7% in 2018 to approximately 3.2% last year.

Amid trade conflicts with China and heightened concerns about domestic data hacking, the United States announced an executive order last year to strengthen cybersecurity for each company. Researcher Na analyzed, "This has provided a good background for Fasoo to secure major U.S. corporations as key clients," and added, "Foreign large corporations often have multiple subsidiaries, increasing the possibility of acquiring additional clients."

By conducting contracts in the form of annual agreements rather than one-time sales contracts, performance volatility has decreased. This is very encouraging as it lays the foundation for gradually improving results.

Researcher Na said, "This year, growth in the de-identification solution sector is also expected," and introduced, "The Data 3 Act mainly aims to expand the scope of personal information that individuals or companies can collect and use, thereby revitalizing the big data industry."

Fasoo was the first in Korea to launch a de-identification solution in 2016 and has experience delivering it mainly to public institutions. With the advent of the MyData era, demand for de-identification solutions is likely to increase significantly.

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