WhiteHawk Limited (ASX: WHK), the first online Cybersecurity Exchange, based on a platform architecture that is Artificial Intelligence (AI)-driven, with a focus on identifying, prioritising, and mitigating cyber risks for businesses of all sizes, has released its preliminary final report for the period ended December 31, 2020.
The article opens with a captivating statement:
"Finishing 2020 with a cash position of US$2.4M and no debt, WhiteHawk recognised US$1.9M accrued revenue for the year, doubling its revenue for 2019."
Revenue components are WhiteHawk's Cyber Risk Radar, formerly 360 Framework, accounted for US$633K, US$400K Cyber Risk Program, US$30K Lead Generation revenue and US $818K in government contracting.
The highlight of the announcement is that the execution of the next phase and scoping of the 2021 Cyber Risk Program US$400K contract via a Global Consulting Firm in direct support of a Global Manufacturer was undertaken, including: advanced risk validation by Red-Team, prioritisation and mapping to Company risk priorities and how to best mitigate top risks in 2021 via innovative best practices and solution options from their portfolio of almost 200 best of breed solution partners.
The article further highlights WhiteHawk's response to an initial partnership with a Global Insurance Group and a Request for Quote (RFQ) from a US Manufacturer Association:
"The company is productising the WhiteHawk Cybersecurity Exchange as a tailorable Platform as a Service (PaaS). The platform can be co-branded or white labelled to include: one time development costs upfront and an annual subscription service which includes improvements, training, technical maintenance and revenue share on all products and services sold from the marketplace."
According to Findeed, one additional Global Insurance Group and 2 cloud based Managed Service Providers (MSP’s) are interested in WhiteHawk's PaaS Cybersecurity Exchange to service their business clients seamlessly and at scale.
As a result of our product and sales channel development and refinement since our inception, WhiteHawk is strategically positioned for continued growth in 2021:
2021 High Level Objectives:
1) Based upon the experience from our Guidehouse DHS Cybersecurity Marketplace development contract and ongoing work, grow annual recurring subscription revenue via two primary paths:
a. Tailored, co-branded or white labeled versions of the WhiteHawk Cybersecurity Exchange Platform as a Service (PaaS) and online Customer Journey to include online threat readiness questionnaire, cyber risk maturity model, Cyber Risk Scorecard action plan, automated matching from key risk to solution options all via a virtual consult and online experience.
b. Sontiq/WhiteHawk Business Risk Suite embedded annual Software as a Service (SaaS) to include financial fraud, identity theft, mobile device security, Cyber Risk profile, virtual consult and Cyber Risk Scorecard for the business and employees.
These two comprehensive offerings are unique, scalable online and virtual services for the business clients of Financial Institutions, Insurance Groups, Internet Service Providers (ISP), and Managed Service Providers (MSP), providing continuous online and virtual Digital Age Risk services to tens of thousands of businesses globally – effectively, affordably and with revenue share. This enables the client to select from two compelling and seamlessly implemented approaches in accordance with their business objectives, budget and revenue benchmarks.
2) Developed, vetted and executing on a new 2021 Strategy, to include growing Sales Pipeline across U.S. Federal Government, Defense Industrial Base and Industry, with broadened Go to Market Strategies in the U.S. and now including the Australian market. This strategy includes a new primary focus on selling of our PaaS to MSP’s. In 2021, we have established 4 new PaaS opportunities both direct and via global consulting group partners.
3) Hone and execute 2021 Go To Market (GTM) campaign with all Partner Sales Teams, across current pipeline of 40 ongoing engagements, in order to execute on 5 to 10 contract opportunities in 2021.
4) GTM to fully leverage new website www.whitehawk.com, with advanced client portal, updated online marketing materials, product line video demo’s, Enterprise Partner splash pages, renewed SEO branding and social media, PR, thought leadership via virtual and online engagements, and advanced WhiteHawk Insights postings and links.
Whitehawk will accomplish the above with the vision and drive of our newly appointed Chief Operating Officer (COO) Ms. Soo Kim.
Ms. Kim has operated at the Executive Level in industry for over a decade as a Business Unit VP, Director of Technology, and Solution Architect at TASC, HP Federal and Accenture Federal.
Read the full Findeed article here.
View the full ASX announcement here.
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