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Global online cyber security exchange company WhiteHawk has made its first sale of its 360 Cyber Risk Framework product.
The contract, worth US$325,000, is with a top 10 US financial institution and is focused on identifying its exposure to business and cyber security risk through its 50 most critical sub-contractors. The initial phase of the contract is due to commence in May 2018 and will be executed over the course of 45 days.
Launched in March this year, the 360 Cyber Risk Framework is a new product offering for WhiteHawk developed in partnership with BitSight and Interos. Revenue from this contract win is in addition to the US$1 million in revenue currently under contract from WhiteHawk’s online platform and advisory business, bringing WhiteHawk’s total contracted revenue to date for the remainder of 2018 to US$1.33 million.
Leveraging the expertise in open data analytics and risk monitoring of WhiteHawk’s 360 Cyber Risk Framework partners, the customer will be provided with tailored feedback and insights on the business and cyber risks related to its network of sub-contractors. WhiteHawk will then generate a risk profile for each of the sub-contractors through its CyberPath Decision Engine and offer recommendations on products and solutions that effectively mitigate these risks while driving additional transactional activity for the WhiteHawk Exchange.
The solution is initially targeted at major manufacturers, banks, federal contractors, and Fortune 1000 companies to address the cyber risks associated with their supply chain companies.
Terry Roberts, executive chair of WhiteHawk, said the product has been designed to specificically mitigate the risks associated with cyber threats to smaller sub-contractors.
"The weakest link for sophisticated, large companies is often their small or mid-sized sub-contractors, vendors or supply chain companies," Roberts said.
"Our 360 Cyber Risk Framework is designed specifically to identify and mitigate these risks, and we are very excited to be providing this critical and immediate cyber risk insight and mitigation at scale for a US Top 10 financial institution."
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