WhiteHawk responds to increasing cyber regulations for banks with advanced Cyber Risk Program
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Special Report: WhiteHawk has advanced its industry-leading Cyber Risk Program in response to recent demands that banks and financial institutions improve fortification of computer systems.
WhiteHawk Limited (ASX:WHK), the first global online cyber security exchange, has advanced its Cyber Risk Program, allowing Australian financial institutions to ensure the safety of their own internal systems and the hundreds of Australia businesses they serve.
The launch comes in response to increased requirements from the Council of Financial Regulators (CFR), which last week told banks and financial institutions in Australia to take a more proactive approach to cyber security following rising threats.
WhiteHawk shares rose 18% this morning following the announcement, with the WhiteHawk Cyber Risk Program addressing all key CFR criteria, including providing data and information to inform relevant regulators of systemic weaknesses and reviewing the resilience of the financial institutions to known adversaries.
Earlier this month, the CFR released a Cyber Operational Resilience Intelligence-led Exercises (CORIE) framework to test and demonstrate the cyber maturity and resilience of institutions within the Australian financial services industry.
The CFR, which comprises of the Treasury, the Reserve Bank, APRA and ASIC, wants banks, insurers and super funds to become more proactive in ensuring they and their clients are protected against cyber attacks, urging the institutions to ‘hack themselves’ in a bid to find their weaknesses.
The new framework copies the existing model of using ‘white hats’ to identify vulnerabilities, but removes some of the testing restrictions and will see the simulated attacks last longer than they would in traditional testing, closer mimicking real-world scenarios.
The CFR’s move follows multiple attacks on hedge funds in 2020 and increased government concern about cyber security. Earlier this month, the Australian Cyber Security Centre (ACSC) launched a campaign targeting Australia families, businesses and organisations and urging them to arm themselves with tools to protect against cyber attacks.
Friday saw security stocks FireEye (NASDAQ: FEYE) and Crowdstrike (NASDAQ: CRWD) enjoy record days after the fallout of one of the worst hacks in US history. A suspected Russian hack into the US Government saw FireEye climb 33% on Friday, following a drop prior as it experienced its own breach. Its quick response and disclosure is thought to have buoyed investors and led to the result.
WhiteHawk executive chair, Terry Roberts, said the business would continue to deliver and improve its service as the risk of cyber attacks around the world continues to rise.
“Whitehawk remains committed to delivering the most comprehensive marketplace of cyber security online and SaaS services to businesses internationally and invites all Australian businesses to partner with us to make the future of Australian business more secure for each and every one of us,” said Roberts.
This article was developed in collaboration with WhiteHawk, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.