WhiteHawk wins US$325k in first sale of cyber risk product
WhiteHawk Limited (ASX:WHK) has announced the first sale of its 360 Cyber Risk Framework in a US$325k contract, with a US Top 10 financial institution. The contract is focused on the client company identifying its exposure to business and cyber security risk through its 50 most critical sub-contractors.
WhiteHawk is the first global online cyber security exchange enabling small-to-medium businesses to take smart action against cyber-crime and fraud. The initial phase of the contract is due to commence in May 2018, to be executed over the course of 45 days.
WHK continues to promote its 360 cyber risk framework, which was launched in March this year, which it developed in partnership with BitSight and Interos. Revenue from this contract win is in addition to the US$1 million in revenue currently under contract from WHK’s online platform and advisory business.
Together, this brings WHK’s total contracted revenue to date for the remainder of CY2018 to US$1.325 million.
As a part of the sale, a tailored cyber risk rating is being conducted across the customer’s 50 sub-contractor companies who will be directed to WHK to help address their immediate cyber risks. Leveraging the expertise in open data analytics and risk monitoring of WHK’s framework partners, the customer will be provided with tailored feedback and insights.
As per WHK’s prospectus, this framework solution is initially targeted at major manufacturers, banks, federal contractors, and Fortune 1000 companies to address the cyber risks associated with their supply chain companies.
Executive Chair of WhiteHawk Terry Roberts commented: “The weakest link for sophisticated, large companies is often their small or mid-sized sub-contractors, vendors or supply chain companies. Our 360 Cyber Risk Framework is designed specifically to identify and mitigate these risks, and we are very excited to be providing this critical and immediate cyber risk insight and mitigation at scale for a US Top 10 financial institution.
“We expect this contract will introduce our online marketplace and unique services to at least 50 SMBs that need our help, driving future opportunities for WhiteHawk and its 360 Cyber Risk Framework solution in the near term,” she said.
Of course, it should be noted here that WHK is still in its early stages and anything can happen, so investors should seek professional financial advice if considering this stock for their portfolio.