WhiteHawk delivers impressive quarterly result
WhiteHawk Ltd (ASX:WHK), the first global online cyber security exchange enabling small and mid-size enterprises (revenue of $1 million to $1 billion) to take smart action to identify and address Cyber Risk, has provided an update on its progress for the June quarter 2019 in conjunction with the release of its quarterly result.
It has been a busy quarter for the group having made substantial progress in terms of technological developments while it reaped the rewards of having best in class cyber security products through multiple contract awards.
These included contracts with high security government instrumentalities in the US, including a top 12 US defence industrial base (DIB) group, as well as sub-contracts with a US$2 billion federal government department.
WhiteHawk also continues to execute contracts with a top 10 financial institution.
For reasons of confidentiality, specific company names cannot be released, but suffice to say these are large tier 1 organisations, and there decision to adopt WhiteHawk’s cyber security technology is a strong endorsement of the group’s products that bodes well in terms of sustaining robust revenue growth.
There are also several opportunities in the pipeline with the company continuing to advance its Risk Framework pipeline of five manufacturing and DIB Fortune 1000 companies.
Development of global sales channel
Global sales channels have been developed through integration with EZShield/Sontiq, and there are currently three contract discussions with financial institutions and insurance groups as a result of this partnership.
The WhiteHawk CyberPath AI Questionnaire used by customers to create a cyber risk profile and maturity assessment is now integrated into the EZShield Small Business Suite online platform.
EZShield is a pioneer and innovator of identity theft and mobile cybersecurity solutions with 18 years of history, over 27 million US consumers, and the benefit of strategic partnerships with financial institutions.
Another key development in terms of opening up international opportunities was the forging of a new partnership with Global Cyber Alliance (GCA).
GCA’s mission is to eliminate cyber risk and improve the connected world by securing Internet of Things (IoT) devices and technologies.
It reduces cyber risk by developing and deploying practical, real-world solutions that measurably improve the world's collective cybersecurity.
WhiteHawk will work with GCA to provide affordable and easy-to-implement cyber risk mitigation solutions to small and mid-size businesses (SMBs).
The partnership opens the door for WhiteHawk to proceed with its international expansion plans as it seeks to explore opportunities to enable SMBs on a global scale.
Continued progress in product development
While making substantial progress in terms of bidding for new projects and forging collaborative agreements, WhiteHawk hasn’t taken its eye off the ball with regard to continually improving its product offering.
WhiteHawk advanced the development of the 360 Cyber Risk Framework technology platform by automating generation of SMB Cyber Risk Scorecards.
This includes the redesign and implementation of the group’s cyber threat questionnaire.
There has been a migration from content management system authentication to platform authentication.
User management has also been remodelled, resulting in improved tracking and management.
The separation of the client portal from open marketplace and insights website has provided improved security, stability and usability.
From a financial perspective, WhiteHawk finished the quarter in a strong position with cash of US$1.9 million.