Whitehawk cybersecurity firm flags new job leads, shares rally
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Cybersecurity firm Whitehawk (ASX:WHK) announced more job leads this morning, and investors approved.
The company says it has five new Proof of Value (POV) engagements across multiple client sectors.
WHK cited a demonstrated track record with POVs, including a previous agreement with the US government that resulted in a five-year contract.
WHK said it’s landed POVs with another two US government clients, plus a manufacturing company and two defence companies.
The company has a US-centric customer base, and provides a cloud-based cybersecurity service primarily to small/medium enterprises (SMEs).
Using a SaaS-based subscription model, clients can build a cybersecurity risk profile and develop tailored solutions to manage third-party risk in business transactions.
For the POV, Whitehawk issues a cybersecurity risk scorecard at the beginning and end of each engagement.
It will also provide ongoing cybersecurity monitoring between now and the end of the year.
CEO Terry Roberts said POVs have proven to be an effective way to build client trust for its more advanced product offering.
“Often the only way to effectively demonstrate this to a new client is through a low cost initial Proof of Value,” he said.
“Our experience has been that once a client experiences the full capability, they decide to implement it across a majority of their suppliers and vendors.”
The company’s Cyber Risk scorecards now include a mapping pathway to Cybersecurity Maturity Model Certification (CMMC), a new standard being phased in by the US Department of Defence.
Cybersecurity has become a focus sector in the wake of the COVID-19 pandemic, with companies (and consumers) forced to shift the bulk of their operations online.
Shares in Whitehawk were up by around 10 per cent at the opening bell following today’s announcement.
At current levels, the stock is holding near its 2020 high of 20.5c reached in early August.