Faritec, a JSE-listed IT services company, today launched a Managed Security Service offering into the South African market. Faritec`s Managed Security Service (MSS) delivers information technology (IT) security monitoring, management and response and recovery services to clients on a 24x7 real-time basis.
Faritec is expecting the MSS offering to deliver revenue of R25 million within the first year and already has a number clients across various industry sectors piloting its Managed Security Services. The company aims to have a revenue stream of approximately R170 million by 2006 capturing a 30% share of the potential R568 million market.
Increasing demand for managed security services in SA positions Faritec`s offering in a very attractive market segment with the South African market for security services, according to BMI-TechKnowledge, growing at over 30% annually. This is attributed by BMI-T primarily to a shortage of IT security skills as well as a continued trend towards the outsourcing of specialised non-core services in the South African market.
"With approximately 15% of South African companies admitting to having their IT security breached in the last year, there is strong demand in the marketplace for an offering that allows companies to maximise their existing investment in security technologies, enhance their security posture and focus on their core business objectives," said Faritec`s Executive Director, Dr Hasmukh Gajjar.
The King II Report on corporate governance and governments` e-commerce bill were key drivers for Faritec`s security service offering. South African companies are under increasing pressure to comply with new legislative standards with regard to the security of their information and client data.
"A large percentage of South African companies have made and continue to make significant investments in security technologies and products but very few have successfully implemented and managed these deployments," said Gordon Love, Director of Security Services at Faritec.
The leading services offered by Faritec`s MSS are vulnerability management, host and network-based intrusion detection and prevention as well as response and recovery management services. Other offerings include BS 7799 auditing and consulting, security roadmap design and implementation, firewall management and anti-virus updating.
The services are fully managed solutions with all configuration, maintenance and monitoring managed remotely from a Security Operation Centre in Faritec`s headquarters at Woodmead, Johannesburg. This centre is manned by Faritec IT security professionals who monitor the health, status and availability of clients` network security 24 hours a day, seven days a week. It ensures the safety of these networks by constantly monitoring the security services and devices, being alerted to any suspicious events or activity as soon as they occur and acting without delay to resolve them.
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