The first customer for WhiteHawk 360 Cyber Risk Framework
Highlights
- First 360 Cyber Risk Framework contract secured with a US Top 10 financial institution, generating US$325k revenue in May 2018
- The 360 Cyber Risk Framework provides major businesses with a comprehensive analysis of the business and cyber risks associated with their suppliers and sub-contractors
- As a part of this sale, a tailored cyber risk rating is being conducted across the customer’s 50 sub-contractor companies who will be directed to WhiteHawk to help address their immediate cyber risks
- Strong pipeline of opportunities for our 360 Cyber Risk Framework across initial US target market of major manufacturers, banks, federal contractors, and Fortune 1000 companies
- Brings the total revenue under contract for WhiteHawk in CY2018 to US$1.325 million (circa AUD1.75 million)
WhiteHawk is pleased to share details on the first sale of its 360 Cyber Risk Framework in a US$325k contract.
The contract is with a US Top 10 financial institution and is focused on identifying its exposure to business and cyber security risk through its 50 most critical sub-contractors. The initial phase of the contract is due to commence in May 2018 and will be executed over the course of 45 days.
Notwithstanding that the contract represents a ‘business as usual’ sale of the Company’s products, the Company brings this contract to the attention of the market to show its execution of its business plan as set out in its prospectus. The Company continues to promote this Framework.
Launched in March this year, the 360 Cyber Risk Framework is a new product offering for WhiteHawk developed in partnership with BitSight and Interos. Revenue from this contract win is in addition to the US$1m in revenue currently under contract from WhiteHawk’s online platform and advisory business, bringing WhiteHawk’s total contracted revenue to date for the remainder of CY2018 to US$1.325m. This does not include additional expected revenues from online sales to sub-contractors under this or other 360 Cyber Risk Framework contracts.
Leveraging the expertise in open data analytics and risk monitoring of WhiteHawk’s 360 Cyber Risk Framework partners, the customer will be provided with tailored feedback and insights on the business and cyber risks related to its network of sub-contractors. WhiteHawk will then generate a risk profile for each of the sub-contractors through its CyberPath Decision Engine and offer recommendations on products and solutions that effectively mitigate these risks while driving additional transactional activity for the WhiteHawk Exchange. The 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.
Terry Roberts, Executive Chair of WhiteHawk, 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.”
Due to the nature of the contract and commercial agreements therein, the name of the US Top 10 financial institution remains commercial in confidence.
About WhiteHawk
Launched in 2016, WhiteHawk began as a cyber security advisory service with a vision to develop the first self-service cyber security exchange simplifying how businesses discover, decide, and purchase cyber security solutions. Today, we help US and Australian companies to connect to content, solutions, and service providers through evolving our rich data and user experience. WhiteHawk is a cloud-based cyber security exchange platform that delivers ‘solutions on demand’ for small to midsize enterprises. The platform enables customers to leverage their custom Security Story to find cyber tools, content, and relevant services through our algorithms to better understand how to improve and stay ahead of threats. The Platform enables companies to fill their needs on an ongoing basis with demonstrated cost and time savings. For more information, visit www.whitehawk.com.
