WhiteHawk Delivering 360 Cyber Risk Framework

  • Jan 23, 2020 AEDT
  • Team Kalkine
WhiteHawk Delivering 360 Cyber Risk Framework

WhiteHawk Limited (ASX: WHK), based in Perth, Australia, and Virginia, USA, is a cyber risk advisory services company, established in 2016, with the vision to develop the world’s first ever online self-service, cyber security exchange, to ease the evaluation and selection of cyber security solutions by companies and organizations for mitigating cyber business risks.

WhiteHawk offers a Cloud-Based Cyber Security Exchange Platform which-

  • Delivers virtual consultations, Artificial Intelligence (AI) Cyber Risk Scorecards that immediately match small to medium business customers to tailored ‘solutions on demand.
  • Enables customers to leverage their tailored Security Story to find affordable and effective cyber tools, content, and associated services through WhiteHawk’s algorithms and expertise, and understand how to improve and stay ahead of today’s cyber threats.
  • Helps companies to fill their needs on an ongoing basis with demonstrated cost and time savings.

 

On 12 November 2019, WhiteHawk announced expansion and extension of a contract (over USD 500,000) for the implementation of a comprehensive 360 Cyber Risk Framework to a top 12 defense industrial base company, with annual revenue of more than $ 5 billion, for supply chain risk management. The contract was originally signed in December 2018 followed by first extension executed in June 2019.

Scope Of Contract

  • Provision of an integrated online SaaS subscription and related consulting services.
  • Dynamic and consistent monitoring of security performance, generation of alerts, prioritization and actionable mitigation recommendations to help the Customer establish a Cyber Risk Rating baseline on a quarterly basis for key supplier companies in support of federal contracts.
  • Provision of actionable intelligence to the Customer along with clear visibility and transparency into the cyber health and status of its suppliers, ahead of strict benchmarks and requirements set by the government.
  • Issue of Risk Portfolio Reports and WhiteHawk Cyber Risk Scorecards for 150 main suppliers on a quarterly basis.
  • Raw data collected from the WhiteHawk team of security rating providers will be used to create non-technical reports that will encompass automated WhiteHawk Cyber Analytics and Cyber Analyst prioritization of cyber intelligence risk indicators, thus generating focused and actionable risk insights for the Customer.
  • Access to a comprehensive centralized vendor risk management dashboard, where the identified suppliers’ cyber security risk ratings, business risk scores, and WhiteHawk Cyber Risk Scorecards can be viewed and monitored.

 

Since the US Department of Defense (DoD) recognised the use of computers and Internet as a platform  to conduct warfare in cyberspace, it embarked on an ambitious schedule to update the way it monitors and enforces cybersecurity within its industrial base to ensure national security.

The latest contract extension bolsters WhiteHawk’s position in a sector that requires effective supply chain cyber risk mitigation services.

Executive Chair of WhiteHawk, Terry Roberts considers this as an opportunity to demonstrate large-scale first-time automation of DoD supply chain cyber risk objectives, guidelines, and certifications across more than 1000 key contractors and suppliers.

Cyber Security

Cyber security consists of all those technologies, processes, and controls designed to protect systems, networks, devices, programs, and data from cyber-attacks or unauthorized access to the same. Effective cyber security minimises the threat of cyber attacks and provides protection against the illegal exploitation of systems and technologies. It is highly crucial as government, military, corporate, financial, and medical organizations collect and store unprecedented amounts of data such as intellectual property, financial data or other sensitive information on computers and other devices.

As the volume and sophistication of cyber risks is growing, the need of the hour demands organisations to be proactive in preventing and executing proper cyber security safeguards.

Stock Information

WhiteHawk is listed on the ASX with a market capitalization of ~ AUD 12.52 million. The WHK stock closed the market trading on 23 January 2020 at AUD 0.078 and has delivered a positive 3-months’ return of 2.67%.


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