Although exchanges are more akin to the sharemarket and cryptocurrency, the application of cybersecurity as an asset is being backed by the US Government which has extended its contract with exchange operator WhiteHawk (ASX: WHK).
The deal is an Option that has been exercised by the US Federal Government following on from an earlier deal first signed in July 2020 with exercise of the Year 1 option valued at USD $608k (approx AUD $841k). There are further Options available on WhiteHawk services for the US Government to exercise up to Year 4 on similar terms.
Unlike other cybersecurity companies that just develop products and sell them, WhiteHawk is the first global online cybersecurity exchange where potential customers can discover cyber security solutions that directly mitigate their key cyber business risks. This is a significantly more customisable user experience rather than a one-size-fits-all product.
The US Government deal is specifically for WhiteHawk’s Cyber Risk Radar where they issue up to 300 Cyber Risk Scorecards to the US Federal Government Chief Information Security Officer every Quarter. These scorecards highlight any potential cyber risk to the Government’s various offices and agencies and are accessed remotely by WhiteHawk, essentially looking for ways to access Government data and alerting them to weaknesses in security.
The exercising of the Option is essentially an endorsement of WhiteHawk’s scorecards by the US Government, promoting WHK shares to rise 10% in morning trade.
Further increasing their marketing capabilities, WhiteHawk last month listed their Cyber Risk Scorecards on the Amazon Web Services marketplace. This enables all businesses and organisations to proactively take action to prevent cybercrime, fraud, and disruption by identifying any back doors to their networks which can then be followed up with a consultation from a WhiteHawk cyber analyst.
For the Quarter ended 30 June 2021, WhiteHawk reported USD $742k in customer invoices which represented a 400% increase on the previous corresponding Quarter.
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