WhiteHawk pens cyber liability insurance partnership
ASX tech play, WhiteHawk (ASX:WHK), has inked a real-time partnership with leading US independent insurance agency, Clarke & Sampson, to offer cyber liability insurance to its small and medium-sized enterprise (SME) customers.
WHK is the first global online cybersecurity exchange SMEs to take smart action against cybercrime and fraud.
For some time, WhiteHawk has been pursuing a real-time referral mechanism to affordable and reputable underwriters for SME cyber liability coverage.
With that in mind, cyber liability insurance is Clarke & Sampson’s key specialty. The agency is situated in Alexandria, VA, and has an extensive portfolio of cyber liability policy options through RPS, a central force in providing cyber liability quotes online.
These policies, in turn, are underwritten by various carriers, including BCS, AXIS, Hiscox, and Lloyds of London.
Comparable to the introduction of a compulsory car insurance scheme in the UK with the Road Traffic Act 1930, cyber liability insurance is now seen as pivotal to protect businesses from digital risks to their revenue, reputation and operations.
With the average cyber-crime or fraud event beginning at $35,000 and extending to over $1 million for SMEs, it’s now crucial for WHK customers to review their cyber liability choices, and get connected to affordable quotes and policy options through the online portal Clarke & Sampson has established.
Clarke & Sampson commented: “Our goal is to help WhiteHawk customers understand and implement cyber liability coverage into their foundational cyber-security programs. Clarke & Sampson is proud to partner with WhiteHawk to make cyber liability insurance available to SMEs nationally.”
WHK has also updated the market on its partnership with the US-based Cybercrime Support Network (CSN), as referenced in the company's September prospectus.
CSN was established to give a voice to cyber-crime victims and to support a coordinated response from federal, state and local law enforcement to manage cyber-crime incidents affecting individuals and small businesses. CSN is piloting US programs to utilise existing referral infrastructure and the website fraudsupport.org to facilitate cyber-crime reporting, response and recovery.
Small and mid-size businesses (SMBs) that contact CSN in need of cyber-crime and fraud response and mitigation services will be provided with multiple resources, including WhiteHawk's expertise itself.
WHK’s cyber consultants connect companies to effective response services to mitigate the impact to their business and enable them to find and purchase products via the WhiteHawk Exchange, and to more generally protect their business in the future.
WHK is onboarding cyber-crime vendor response services into the online exchange in order to provide support services across the US.
Earlier this month, WHK also revealed it has inked a pivotal new contract to provide a customised version of its 360 Cyber Risk Framework to US Government departments for real-time vendor cyber risk management, protecting against supply chain intrusions.
WHK’s 360 Cyber Risk Framework provides major businesses with comprehensive analysis of the business and cyber risks associated with their suppliers and sub-contractors.
Under this new contract, WHK will provide sensitive risk analytics and mitigation, as well as protections to a breadth of office and mission functions within the Department of Defence, Homeland Security and Intelligence Community of the US Government.