WhiteHawk (ASX: WHK) has teamed up with Clarke & Sampson Insurance to provide its small and medium business clients with cyber liability insurance.
Cyber risk advisory service WhiteHawk has developed the first online, self-service, cyber security exchange that connects small-to-medium enterprises (SMEs) with service providers.
The exchange enables SMEs to review and purchase cyber security solutions to mitigate key risks.
According to WhiteHawk, cybercrime or fraud can cost SMEs anywhere between $35,000 and $1 million and this partnership with Clarke & Sampson will enable SMEs to review cyber liability options, obtain quotes and take out policies online.
“Cyber liability insurance is now seen as foundational to protect businesses from digital risks to their revenue, reputation and operations,” WhiteHawk stated.
“Now we can connect our customers to affordable cyber liability quotes and policy options via an online portal that Clarke & Sampson has established,” WhiteHawk executive chair Terry Roberts said.
Based in the US, Clarke & Sampson has a range of cyber policy options, with its policies underwritten by numerous carriers including Lloyds of London, BCS, AXIS and Hiscox.
“Our goal is to help WhiteHawk customers understand and implement cyber liability coverage into their foundational cyber security programs,” Clarke & Sampson stated.
Today’s news follows WhiteHawk’s announcement earlier this week its partnership with US based Cybercrime Support Network (CSN) will officially launch in the US this month.
According to CSN, only 15% of cybercrime victims report an incident to appropriate authorities.
CSN is currently piloting programs in the US to use its referral infrastructure and fraudsupport.org website to assist in cybercrime reporting, response and recovery.
Through its partnership with WhiteHawk, SMEs that contact CSN needing its services will be offered incidence response resources including WhiteHawk.
Meanwhile, WhiteHawk’s presence in the US is mounting after the company secured a 360 Cyber Risk Framework contract with the US Government at the start of the month.
The contract will help protect US Government departments from supply chain intrusions.
WhiteHawk will provide sensitive risk analytics and mitigation advice with the first phase of the contract expected to bring WhiteHawk at least US$100,000 in revenue.