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On Adaptive Security Applianace (ASA) and Firewall Services Module (FWSM) platforms, you can configure one physical firewall chassis to act as multiple virtual firewalls. Each virtual firewall is called a context because it is one partition or instance of a fully functional firewall.
Even though all the configured contexts are emulated by a single firewall CPU, the traffic inspection and security policies of each are kept separate, as if they were being handled by a dedicated physical firewall. Therefore, each context can be configured and managed by different administrators, or they can all be managed by one administrator who has access to them.