Yes. As Web Security Manager is a reverse-proxy it terminates requests from clients and makes the request to the backend webserver on behalf of the client. That makes the source IP (of the client) disappear from the underlying IP packets. However, the original source IP address is forwarded to the backend server in a HTTP header. The header is called "X-Forwarded-For". Your application (or webserver) can be configured to use the information in the header instead

if you are running an IIS server and you want it to log the client IP try Googling for "IIS X-Forwarded-For ISAPI filter".