WhiteHawk secures 5 new Proof of Value engagements and contracts
Hey! Looks like you have stumbled on the section of our website where we have archived articles from our old business model.
In 2019 the original founding team returned to run Next Investors, we changed our business model to only write about stocks we carefully research and are invested in for the long term.
The below articles were written under our previous business model. We have kept these articles online here for your reference.
Our new mission is to build a high performing ASX micro cap investment portfolio and share our research, analysis and investment strategy with our readers.
Click Here to View Latest Articles
WhiteHawk Limited (ASX: WHK) today announced it has kicked off five new cybersecurity proof of value (POV) engagements and contracts. The POVs are for a total of up to 100 vendors across three key sectors — the US government sector (a US agency and a department), the manufacturing sector, and two with the Defence Industrial Base (DIB).
WhiteHawk will provide continuous cyber risk monitoring and prioritisation for the remainder of 2020, plus two Cyber Risk Scorecards (one immediately and one at the end of the POV) for each vendor/supplier.
Through these POV Cyber Risk Radar engagements, WhiteHawk continues to demonstrate and validate the power, impact, scalability, and effectiveness of the Cyber Risk Radar annual SaaS subscription, across supply chains of any size.
This is a process that has proven successful in the past for the A$31.5 million capped company. WhiteHawk’s previous US Government Cyber Risk Radar POV, implemented early in 2019, resulted in a five year Software as a Service (SaaS) contract, as announced in July 2020. That contract is worth up to US$5.9 million (A$8.2M), or US$1.18 million (A$1.64M) per year over the five year term.
Terry Roberts, Executive Chair of WhiteHawk, commented on the new POVs, “Because we continuously vet innovative Cyber Risk companies and solutions, we know our Cyber Risk Radar is both comprehensive and cutting edge. Often the only way to effectively demonstrate this to a new client is through a low cost initial Proof of Value.
“Our experience has been, once a client experiences the full capability, they decide to implement it across a majority of their suppliers, vendors, teammates. The intent is that these POVs will lead to ongoing work with each of these organisations.”
Roberts is a 35-year veteran of the US national security and cyber intelligence community. She is a former deputy director of US Naval Intelligence, Department of Defence Senior Executive, and an Executive at the Carnegie Mellon Software Engineering Institute.
DoD’s Cybersecurity Maturity Model Certification
WhiteHawk has now dramatically expanded its ability to establish, automate, and disrupt how companies are managing their third party risk.
The company’s automated Cyber Risk Scorecards now include mapping to the new Cybersecurity Maturity Model Certification (CMMC). CMMC was kicked off this year by the US Office of the Secretary of Defence as the cyber resilience benchmark for all DIB contractors and suppliers and it is being phased into all DoD contracts over the next few years. There are reported to be approximately 330,000 subcontractors of the DoD industrial complex for which CMMC will apply to varying degrees
WhiteHawk’s Cyber Risk Scorecards enables the prime company to baseline and monitor the key cyber risks of their most critical suppliers and kick-off their third party CMMC management program.
US government contract extension
Today’s announcement builds on last week’s news that the company has been awarded a US$1.5 million (A$2.1M) contract extension with a US federal government department.
The contract extension, under an existing seven year cybersecurity contract, represents a 375% increase on the US$400K awarded to WHK under the contract in 2020. It’s also worth more than WhiteHawk's entire revenue for the last full financial year.
The award of this second year sub-contract is a huge validation of WHK’s cybersecurity tech and capabilities, and the fact that the contract value has increased substantially only reinforces that view.
For more on WhiteHawk, Wise-Owl this week published a research report that can be found here.
tagsCYBER RISK RADAR CYBERSECURITY DEPARTMENT OF DEFENSE CYBER THREAT ASX TECH STOCKS DEFENSE INDUSTRIAL BASE CMMC
General Information Only
S3 Consortium Pty Ltd (S3, ‘we’, ‘us’, ‘our’) (CAR No. 433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information and is for informational purposes only. Any advice is general advice only. Any advice contained in this article does not constitute personal advice and S3 has not taken into consideration your personal objectives, financial situation or needs. Please seek your own independent professional advice before making any financial investment decision. Those persons acting upon information contained in this article do so entirely at their own risk.
Conflicts of Interest Notice
S3 and its associated entities may hold investments in companies featured in its articles, including through being paid in the securities of the companies we provide commentary on. We disclose the securities held in relation to a particular company that we provide commentary on. Refer to our Disclosure Policy for information on our self-imposed trading blackouts, hold conditions and de-risking (sell conditions) which seek to mitigate against any potential conflicts of interest.
Publication Notice and Disclaimer
The information contained in this article is current as at the publication date. At the time of publishing, the information contained in this article is based on sources which are available in the public domain that we consider to be reliable, and our own analysis of those sources. The views of the author may not reflect the views of the AFSL holder. Any decision by you to purchase securities in the companies featured in this article should be done so after you have sought your own independent professional advice regarding this information and made your own inquiries as to the validity of any information in this article.
Any forward-looking statements contained in this article are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results or performance of companies featured to differ materially from those expressed in the statements contained in this article. S3 cannot and does not give any assurance that the results or performance expressed or implied by any forward-looking statements contained in this article will actually occur and readers are cautioned not to put undue reliance on forward-looking statements.
This article may include references to our past investing performance. Past performance is not a reliable indicator of our future investing performance.