The WhiteHawk Ltd (ASX: WHK) share price has been a very strong performer on Monday.
In afternoon trade, the cybersecurity marketplace provider’s shares are up a massive 26.5% to 31 cents.
This means the WhiteHawk share price is now up over 244% since the start of the year.
Why is the WhiteHawk share price rocketing higher?
Investors have been buying the company’s shares on Monday after strong gains were made by US cybersecurity shares on Friday night.
The likes of Crowdstrike, FireEye, and Okta hit new record highs at the end of the week after the US Government experienced one of its worst cyberattacks in history.
According to CNBC, the scale of a sophisticated cyberattack on the U.S. government that was unearthed last week was far bigger than first anticipated.
The US Cybersecurity and Infrastructure Security Agency (CISA) even went as far as to say that the threat “poses a grave risk to the federal government.”
CISA suspects that the attack first began all the way back in March. Since then, it notes that multiple government agencies are believed to have been targeted by the hackers, though only the Energy and Commerce departments have so far confirmed attacks.
What about WhiteHawk?
This news bodes well for WhiteHawk and could lead to an increase in demand for its services in the near future. Particularly given its recent announcement, which reveals that it has updated its software to make it compliant with the new regulations from the Council of Financial Regulators.
That update will allow financial institutions to ensure their own safety and that of their clients.
WhiteHawk’s Executive Chair, Terry Roberts, commented: “Whitehawk remains committed to delivering the most comprehensive marketplace of Cybersecurity 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.”
“We have achieved our original vision of being able to seamlessly service any company or organization, to mitigate their cyber risks smartly, affordably and continuously,” he added.
This news has also given the BetaShares Global Cybersecurity ETF (ASX: HACK) a big lift on Monday. In afternoon trade the cybersecurity focused ETF is up 6% to a record high.
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of BETA CYBER ETF UNITS. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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