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WhiteHawk wins $1M cyber-security contract with BAE
3 minute read
In today’s hyper-digitised corporate landscape, cyber attacks and security breaches are on the rise, and ramifications for businesses can be enormous.
According to Juniper Research, the rapid digitisation of consumers’ lives and enterprise records will drive the cost of data breaches to US$2.1 trillion globally by 2019 — almost four times the estimated cost of breaches in 2015.
Research by Kapersky Lab shows that between January and September 2016, businesses experienced ransomware attacks once every 40 seconds, up from the previous rate of once every two minutes.
This is clearly a wide-reaching issue, but the impact on small and medium-sized enterprises — especially vulnerable targets — tends to be the most severe.
Aberdeen Group’s analysis suggests that small and mid-sized businesses are at higher risk of a single data breach. Businesses with 1,000 employees or less have a 90 percent likelihood of having a data breach costing more than US$216,000.
Where a larger organisation is likely to be better equipped to deal with the fiscal fallout, 60 percent of small businesses will actually close after a breach.
Australian defence industry minister, Christopher Pyne has warned businesses that they risk losing government contracts if their protection levels against cyber attacks are inadequate. This comes in the wake of an extensive 30 gigabyte hack of confidential data from an unnamed defence department contractor last year, which was revealed last week at an IT conference.
Smaller companies with government contracts and little in the way of cybersecurity expertise will now have to demonstrate that their security measures are effective. While, of course, the same can be said for larger corporations, small and mid-sized businesses have fewer options for determining what they actually require to remain protected.
This is the precise market that US-based tech company, WhiteHawk is courting. As Finfeed reported last week, WhiteHawk has created the first online cybersecurity exchange which enables small and mid-size businesses to take action against cyber crime and fraud. This is done through a range of services: CyberPath, Advisory Services, Insights, and Marketplace.
However it is an early stage of this company’s development and if considering this stock for your portfolio you should take all public information into account and seek professional financial advice.
WhiteHawk has now revealed that it has secured a four-year contract with the Department of Homeland Security (DHS) National Protection and Programs Directorate (NPPD) in partnership with multi-national defense industrial group, BAE Systems.
BAE Systems provides intelligence and security services to manage big data, delivering a broad range of solutions and services including intelligence analysis, cyber operations, IT, and systems development.
This contract win is part of WhiteHawk’s growing advisory service and vendor partnerships offering, which enables organisations to assess and mitigate cyber risks. Commencing in November, the contract is a US$1 million award for WhiteHawk to assist DHS in implementing their responsibilities under FISMA 2014 requirements.
As part of the contract, WhiteHawk will provide support for FISMA reporting and risk scoring, cybersecurity performance analytics, trusted internet connections, design and engineering, cybersecurity and operational assessment, and cybersecurity governance and training.
“Partnering with BAE Systems on this important DHS Contract demonstrates the capability and regard in which WhiteHawk is held in the cyber-security industry,” said WhiteHawk CEO and former deputy head of US naval intelligence, Terry Roberts.
“We have a skilled team of subject matter experts and small business vendor partners eager to begin work on this contract.”
WhiteHawk is currently conducting a raising of $320,000 via convertible note at 16 cents. Open to sophisticated investors, this offer is currently live on Raisebook.com. (Raisebook is a related entity of Finfeed.com’s parent company S3 Consortium Pty Ltd as defined in Section 9 of the Corporations Act 2001.)