Как beforeсделать ссылкой а не просто блоком?
Никак.
<div onclick="window.location='http://ya.ru';"></div>div {
  width: 200px;
  height: 300px;
  background: white;
  border: 2px black solid;
  margin-top: 50px;
  position: relative;
  pointer-events: none;
}

div:before {
  border: 2px black solid;
  border-bottom: none;
  content: 'Новости';
  display: inline-block;
  height: 25px;
  background: white;
  position: absolute;
  top: -27px;
  pointer-events: all;
  cursor: pointer;
}
div:hover:before {
  color: #00d;
  text-decoration: underline;
}