Big techs have been spending billions on cybersecurity, ramping up investments in 2021 when cyber crimes picked up pace. Growing cybercrime has not only weighed heavily on companies’ wallets but has also reduced users’ trust, especially when it comes to social media apps where people hold some of their most private information.
In line with that, US-based cybersecurity company WhiteHawk (ASX: WHK) announced the expansion of its artificial intelligence (AI)-driven Third-Party Risk Management (TPRM) Services contract with a top 5 global social media company. The extended contract encompasses third-party risk platform operations, configuration, and tuning services, architecture and cyber risk mitigation SME services, and AI-based cyber risk data integration services. The new order carries an annual value of $1.8 million.
Though it didn’t specify the client, the top global social media companies as of October 2023 comprise Meta, YouTube, Whatsapp, Instagram, WeChat and TikTok, among others. To put this new order in perspective, in 2021, Meta (previously Facebook) claimed to have spent up to $20 billion on cyber security since 2016.
Executive Chair of WhiteHawk, Terry Roberts, commented, “The expansion of our engagement with this client, going into our third year, truly shows the value proposition of WhiteHawk offerings and expertise. This will continue to open new opportunities for advancing their team to stay on top of their vendor risks and mitigate them in near real-time from accessible dashboards integrated into their current architecture.”
Founded in 2016, WhiteHawk initially offered cyber risk advisory services. Evolving from this, it now operates a cloud-based Cyber Risk Platform, providing Software as a Service (SaaS) and Platform as a Service (PaaS) product lines. WhiteHawk’s subscriptions automate and scale digital age risk prioritisation and mitigation.
As part of the contract, its services cover the gamut of ensuring seamless onboarding/offboarding and precise monitoring. Architecture and Cyber Risk Mitigation SME Services enhance data reporting and align with Risk Intelligence Maturity. Integration Services offer agile API (application programming interface) development so that clients can extract and format AI-generated data, facilitating comprehensive risk indicator analysis.
Whitehawk closed Q3 CY23 with $1.6 million in cash and zero debt. Securing a Cyber Risk Program contract with a major U.S. National Manufacturer, the annual contract, currently in its fourth year, renews on March 31, 2023.
The Company’s focus on automation is evident in achievements such as completing the automation of data analysis and report development for the Details Finding Report. Automation is also underway for its Portfolio Analytic Reports, set to deploy in November 2023.
For the first nine months of CY23, the Company reported customer receipts of $1.2 million against a cash burn of $2.7 million. This social media company contract is expected to infuse further revenue into Whitehawk before we enter the new year.
Alinda is a Business Reporter for The Sentiment
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