Shares in WhiteHawk soar on first Prime Contractor award worth up to US$5.9 million
WhiteHawk Limited (ASX:WHK), the first global online cyber security exchange enabling businesses of all sizes to take smart action against cybercrime has been contracted by a US federal government CISO (Chief information Security Officer) to implement WhiteHawk’s Cyber Risk Radar.
This resulted in a substantial increase in the company’s share price as it soared approximately 50% on Tuesday morning — a near 14 month high.
The contract will provide continuous monitoring, prioritisation, and near real-time mitigation of an enterprise’s teammates, vendors, or supply chain’s cyber risks over time, including the identification and prioritisation of a risk mitigation strategy.
As this is the first US federal contract where WhiteHawk has been nominated as the Prime Contractor, it is an extremely important development and Terry Roberts, executive chair of WhiteHawk said, “After a very successful Proof of Value early last year, now we are putting in place our first 5-year Cyber Risk Radar contract with a sophisticated US government CIO, who will work with us to take the capabilities of our platform and virtual services to the next level.”
On three other US federal Department CIO Contracts, WhiteHawk is a Cyber Solution sub-contractor to Accenture Federal, SAIC and Guidehouse (formerly PWC Federal).
WhiteHawk Cyber Risk Scorecards will be provided quarterly, virtually and remotely, for 150 to 300 vendors to this US Federal Government CISO, via an integrated risk management dashboard.
Annualised revenue of $1.2 million
The annual Software as a Service (SaaS) contract, will see WhiteHawk generate base revenues of US$580,000 and up to an additional US$600,000, with up to nearly US$1.2 million each year of the contract, with four additional option years at the same levels.
Cyber Risk Radar is an annual SaaS subscription service developed by WhiteHawk consisting of quarterly services that include Cyber Risk Scorecards, Cyber Risk Portfolio Reports, and ongoing conversations with a professional Cyber Analyst.
This contract is the result of a Proof of Value that was implemented early in 2019 across 10 vendors for the same US government agency.
WhiteHawk demonstrated through automation and subject matter expertise, the status and health of suppliers using global publicly available data sources, AI analytics, and custom Cyber Analytics to assess and report on top risk indicators and vectors, areas that may require prioritised attention.
Because the Cyber Risk Radar approach is externally available data and is non-invasive, WhiteHawk does not require access to internal IT assets and configurations in order to deliver its services.