WhiteHawk sees silver lining in COVID-19 pandemic
Along with the human toll, the COVID-19 global pandemic has heavily impacted on the business environment.
Yet some sectors of the world's economy will emerge better off. Hand sanitiser and face mask manufactures are some of the obvious beneficiaries, but the need for effective cyber security is an area that’s also seeing a surge in demand.
"It makes sense: with the COVID-19 virus sending more employees home to work on their personal networks, the chance for exposure to malicious actors is increased.
As Forbes reported, “Cybercriminals continue to exploit the coronavirus pandemic. The FBI has warned of a significant spike in coronavirus scams, adding to concerns about an ‘unprecedented wave’ of cyber-attacks voiced by United States Attorney Scott Brady”.
The widespread and unprecedented shift to distance working is forcing organisations to adapt to rapidly evolving security requirements and threats.
In light of this, ASX-listed cyber security solutions provider, WhiteHawk Limited (ASX:WHK) has today updated the market asserting that it is well positioned to continue to support its current customers and to engage with future customers amid the current global pandemic.
US based WhiteHawk is the first global online cyber security exchange enabling small-to-medium businesses to take smart action against cybercrime, fraud and disruption.
The company has a strong cash position, and the business is well-funded into 2021 with existing contracts and a strong sales pipeline.
The WhiteHawk Cyber Risk Radar, Cyber Risk Program, Scorecards and online Cybersecurity Exchange have each been piloted and scaled and continue to be implemented virtually and effectively to customers anywhere in the world.
WhiteHawk is essentially an online automated business operating in an essential service area and accordingly:
- WhiteHawk product lines and services continue to be sold and executed via cloud based online platforms, SaaS services and virtual consultations.
- WhiteHawk has operated a virtual business model since inception and will continue to provide its SaaS Risk services, online Cybersecurity Exchange, and advisory services remotely.
- All WhiteHawk employees can work 100% remotely, their tasks and deliverables are tracked online now and into the future.
- Communications with customers are primarily via teleconference and email. Thus far, the majority of face to face meetings have been readily transitioned to virtual sessions.
WhiteHawk has sufficient cash to operate well into 2021 and has existing revenue generating contracts and a strong sales pipeline in the United States. This spans diverse sectors including US federal government, US financial sector, US Defense and Industrial Base (DIB) and the US manufacturing sector.
WhiteHawk held a cash balance as at 31 December 2019 of US$1.5 million, combined with additional working capital facilities from RiverFort Global comprising a A$400,000 loan and a A$1.5 million combined placement and equity.
Terry Roberts, Executive Chair of WhiteHawk, commented, “From WhiteHawk’s inception, as a provider of Cyber Risk products, services and solutions, our approach to our business model is a virtual and scalable one.
“WhiteHawk is designed to continue to provide our effective SaaS Risk services, Online Cybersecurity Exchange, and Advisory Services remotely, leveraging publicly available risk data sets and AI based analytics. Marketing, sales and customer communications are predominantly online or via teleconference and email.
“And while we often work face to face as a team, all of our employees and partners can work remotely for as long as necessary and not miss a beat regarding product development nor business execution.”