Security Market Segment LS
Wednesday, 15 April 2020 17:46

WhiteHawk lifts SaaS revenues via global consulting firm partnership & new product

By WhiteHawk

ASX VENDOR ANNOUNCEMENT: WhiteHawk Ltd (ASX:WHK) announced that it has established a new sales partnership with a major global consulting firm which is already bringing in new revenues.

To date, WhiteHawk has secured several subscriptions via the partnership and additional sales channel for its new Cyber Risk Program with initial subscription revenues exceeding US$400,000 (A$622K) in 2020.

WhiteHawk is the first global online cybersecurity exchange and AI driven cyber risk mitigation company that enables small to mid-sized businesses to take action against cybercrime.

The company’s expanded product line now includes the Cyber Risk Program, a software as a service (SaaS) product incorporating Whitehawk’s Cybersecurity Exchange online platform, its automated Cyber Risk Scorecards, and virtual consultations.

Cyber Risk Program acts as a “second set of expert eyes” to identify and mitigate cyber risks to an organisation’s revenue and reputation. It is scoped remotely and implemented virtually to any company anywhere in the world. Plus, it allows for rapid scale remotely during current pandemic related lockdown.

This is timely, as the COVID-19 global pandemic has heavily impacted on the business environment around the world and heightened cyber risks worldwide.

Organisations are seeing a rise in pandemic related cybercrime and fraud schemes, meaning that a continuous risk monitoring, prioritisation and mitigation approach is needed more than ever.

This will bode well for WHK’s new sales channel through the global consulting firm, while the wider cybersecurity market will be one sector that benefits from the pandemic.

This makes sense as the COVID-19 virus has resulted in more employees working from home on their personal networks, raising the chance for exposure to malicious actors.

As Forbes reports “Cybercriminals continue to exploit the coronavirus pandemic. The FBI has warned of a significant spike in coronavirus scams, adding to concerns about an ‘unprecedented wave’ of cyber-attacks.”

The growth in customer contracts and the first revenues from this news sales channel through the global consulting firm, demonstrate that the pandemic is not slowing WhiteHawk down.

The company assert that it is well positioned to continue to support its current customers and to engage with future customers amid the current global pandemic. Its Cyber Risk Radar, Cyber Risk Program, Scorecards and online Cybersecurity Exchange have each been piloted and scaled and continue to be implemented virtually and effectively to customers anywhere in the world.

Further, the sub-$10 million company has a strong cash position — sufficient to operate well into 2021 and has existing revenue generating contracts and a strong sales pipeline in the United States. These span diverse sectors including US federal government, US financial sector, US Defense and Industrial Base (DIB) and the US manufacturing sector.

Terry Roberts, Executive Chair of WhiteHawk, said, “CEOs and Boards have been asking what they should be focused on from a Digital Age Risk perspective and so we developed this continuous, virtual new product, which costs less and is a hundred-fold more comprehensive than any cyber risk consulting service.

“In only a few months, WhiteHawk is already seeing positive growth with this product line. As with our other product lines, the Cyber Risk Program is executed via cloud based and online platforms, SaaS services and virtual consultations, which can be sold and implemented during this most challenging global environment.

“CIOs, CEOs, executive teams and Boards don’t have to miss a beat to be on top of their Digital Age Risks.”

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