Cyber threat play WhiteHawk wins US defense contract; shares jump 56pc
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Cyber threat detector WhiteHawk shot up 56 per cent this morning after revealing a new contract win worth $US400,000 ($553,148).
WhiteHawk (ASX:WHK) inked a deal with an unnamed US “top 12” defense industrial base company with annual revenue of over $5 billion.
The news sent shares as high as 7.8c in early trade.
Touted as the world’s first online cyber security exchange, WhiteHawk allows small and mid-size businesses to identify cyber security risks and connect them with appropriate products.
WhiteHawk, which only listed on the ASX in January this year, will supply the new customer with its 360 Cyber Risk Framework.
The contract includes continuous monitoring, alerting and mitigation of business and cyber risks for up to an initial 50 supply chain companies.
“The US Defense industrial base is a top cyber target and its supply chain companies are often the weak link when not effectively monitored and notified of those risks and then provided enablement to address them continuously and in real time,” chair Terry Roberts told investors.
WhiteHawk has also negotiated a six-month extension to its contract with a US top 10 financial institution.
This will net the company a further $US250,000 on top of the $US325,000 it got for the initial contract.