WhiteHawk re-signs US top 10 financial institution
WhiteHawk Ltd (ASX:WHK), the first global online cyber security exchange enabling small-to-medium enterprises (revenue ranging between US$1 million and US$1 billion) to actively address cybercrime and fraud, has extended a contract to provide its 360 Cyber Risk Framework to a Top 10 US financial institution.
This news has been welcomed by investors with the company shares opening 4.2% higher at 10 cents.
While new business often draws more attention than renewed contracts because it underpins growth, client retention is extremely important from a number of perspectives.
Renewed contracts not only represent continued revenue generation and earnings predictability, but they are also an endorsement of the products and services being offered.
The latest re-signing is from a top 10 US financial institution that holds nearly US$400 billion (A$589B) in total assets and is well-known throughout the industry for its leadership.
The client is contracted with WhiteHawk to implement a comprehensive 360 Cyber Risk Framework which includes providing an online Software as a Service (SaaS) subscription augmented by cyber risk management consulting services.
Through regular automated reporting, the customer will maintain a Cyber Risk Rating baseline for key suppliers, receiving actionable business and cyber intelligence and gaining visibility and transparency into the cyber health and status of its suppliers.
Contract now at 15 month stage
The now multi-stage contract with the institution was first signed in May 2018 to provide continuous monitoring, alerting, and mitigation of its key supply chain companies’ business and cyber risks, across its 50 most critical sub-contractors.
The contract was then extended December 2018, with today’s extension bringing its total value to over US$850,000 (A$1.25M).
While long term contract open competition is still under deliberation, the contract extension will allow the customer to continue to effectively execute its Vendor Risk Management Program on the comprehensive business ecosystem dashboard that includes business, technical, and security risks.
The short-term contract provides for cyber risk analytics for up to 50 companies, considered as a continuation of the original agreement.
Commenting on the importance of this development in terms of re-signing high profile customers and upscaling their product offering, Terry Roberts executive chair of WhiteHawk said, “Having important Financial Sector customers renew their 360 Cyber Risk Frameworks with WhiteHawk is critical to our credibility and growth.
‘’And in this case, we are able to transition this customer to our advanced offering, which includes our Partner Interos’ new intuitive Business Risk Platform which has more features and flexibility and our WhiteHawk Cyber Risk Scorecards, which roll-up our key cyber risk findings into a non-technical and actionable report.”
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