ICT Misr, the IT consultancy firm and system integrator, aims to achieve EGP 500m in turnover by the end of this year, Mohamed Al-Mufti, Chairperson of ICT Misr, has said.
Al-Mufti stated that the company started its activity in 2018 and initially focused on infrastructure solutions, but it later shifted its focus to cybersecurity, and then decided to establish a new entity for the security of infrastructure, production lines, and the Internet of Things.
Amr Nour, Chairperson of IoT Misr, a subsidiary of ICT Misr, said that the company targets a completely different customer that has nothing to do with the telecommunications sector, but with production lines in various vital productive sectors. Therefore, it was necessary to establish a specialized company, IOT for cybersecurity for the Internet of Things.
Al-Mufti stressed that the Egyptian market is witnessing a great demand from all sectors for cybersecurity, and the market situation has not been affected by the current global conditions, and the demand is increasing in banks, oil and government institutions without any impact on the global economic conditions.
Nour explained, during a press conference, that the energy sectors of all kinds are witnessing a great development in technology systems in light of the need to increase the efficiency of use through technology, and therefore it was necessary for the energy sector to take care of the cybersecurity of the Internet of Things and the protection of production lines.
He said that the operating technology concerned with protection in the economic sectors is represented in protecting the technology that controls the management of machines and production lines, and the dangers of a cyber attack on production lines are represented as they may cause stopping production or harming product outputs, exposing the consumer to danger, and this has recently appeared with the connection of production lines Internet and software to operate production lines.
Nour confirmed that there are some sectors that have actually been affected by the risks of attacks directed at production line technology, which has led those sectors to adopt cybersecurity protection processes for the Internet of Things (IoT).
Al-Mufti explained that the beginning is to identify weaknesses and gaps in the technological system, and then solutions are proposed by many international and local technology companies according to the size of the risks and projects, and the company takes care of training workers on the new protection system.
Nour stated that the ICT cybersecurity sector is witnessing greater competition between companies, given that it is older than the cybersecurity sector of the Internet of Things IoT, while spending on cybersecurity has not been affected much due to global economic conditions, as it is a top priority for many important vital sectors such as banks and energy.
Al-Mufti revealed that 90% of ICT Misr’s contracts are with banks with about 15 banks in various banking fields, storage protection, infrastructure, data analysis and security in its various forms, and about 7% of the company’s contracts are with government sectors, and about 2% of the company’s contracts are with the oil and energy sector.
Nour said that IoT Misr focuses on the oil and energy sector, which has the largest percentage of transactions, in addition to other factories.
Al-Mufti said that ICT Misr started working outside Egypt, specifically in the Libyan market with some banks, and it is also intended to move towards the Saudi market, as well as it is intended to establish a branch of the company in Libya in the near future, as it has started dealing with two banks in Libya as well IoT Misr went to work in the petroleum sector in Tripoli, Libya.
Al-Mufti revealed that ICT Misr has about 60 employees of the best cadres, and its business is doubling annually.
Nour said that IoT Misr targets EGP 60m in turnover during the current year, and it is expected to exceed the target with the significant increase in demand for this particular sector. Expansion will also take place in the Kingdom of Saudi Arabia because it needs the cybersecurity sector for the Internet of Things (IOT), while witnessing The Saudi market is saturated in the field of information security (ICT).
