WhiteHawk Limited (ASX: WHK) which is a Cybersecurity advisory firm has achieved a high-profile contract of various departments within the US Government to provide a customized version of its 360 Cyber Risk Framework with an aim of providing protection against supply chain disturbances.
The company target primarily to medium size and small size businesses that will allow them to unclear action against the cybercrime threat.
At present the company has entered into a new contract with the US Government where the company pursues to expand its market coverage followed by with supply chain intrusions. The impact of supply chain interruptions is now considered to be the growing threat which has become a major concern with the public and private sectors.
Recent implementation of cybersecurity solution is British Airways.
British Airways was a recent victim of the cyber crime. This year in early September, British Airways suffered the entire customer personal and financial data database breach. This has affecting over 380,000 customers’ credit and debit cards. The cause of the breach was the outcome of poor supply chain risk management. As a result, the company has to bear a loss of US$1 billion in the form of fine as per the European Commission regulations.
The solution to this problem got reduced from websites “embedding code from third-party suppliers”. Now in order to reduce the supply chain attack a third party was introduced which is supposed to provide a supply code for payment authorization. Also, present ads and allow users to log into external services.
As per the company its 360 Risk Framework is designed in such a manner that the software vendors and service providers are able to scrutinize and reduce the chances of cyber-attacks.
Securing US Government infrastructure
As per the contract signed with the Government, WhiteHawk is being asked to provide sensitive risk analysis followed by the risk mitigation. It is also expected from the company that they need to provide added protections to a breadth of office in such a way that the mission of the government functions within the Department of Defense, Intelligence Community and Homeland Security of the US Government.
The company states that the contract will commence very soon. The contact consist of two distinct phases. The value of the first phase is being “minimal” whose worth is below US$100,000 (A$138,000).
The second phase is a phase that will expand the risk framework scope catering not only to the US government software infrastructure which will all vendors that are being monitored by the Cybersecurity Exchange of the company. This will make the company to generate additional revenues of the cybersecurity company the sale of other vendor’s products that are bought across exchange. As per the announcement made today in regard to the contract, WhiteHawk needs to scale its risk insights across vendors and supply chain companies.
As per the deal made today, Whitehawk will add momentum to the revenue performance of the company. In the beginning of this week, the cybersecurity company was able to substantially increase its revenue. In Q3 the company was able to generate US$191,000 (A$265,000) as compared to the previous quarter where the total revenue was US$59,000 (A$81,000).
After the commencing new contract, the Year-to-date Whitehawk’s total cash collected was US$263,000. The current market price of the share is A$0.087 with market capitalization of A$3.03 million.
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