Facebook Is in Retail Therapy, Shopping for Security Firms

Facebook Is in Retail Therapy, Shopping for Security Firms

Facebook is apparently heeding the wisdom in the old adage, “When things get tough, the tough go shopping.” According to The Information, Facebook is currently shopping for a major cybersecurity firm.

After spending several months in the hot seat for its failure to protect user data, Facebook is reportedly looking to solve its cybersecurity problems by acquiring another cybersecurity company. Four inside sources have reportedly revealed that the company has engaged in acquisition conversations with several security firms, none of which have been publicly named. 

“It’s good to see such a huge consumer company looking to make a large move to improve their cybersecurity posture," said Guy Bejerano, co-founder and CEO, SafeBreach. "However, as we’ve seen on the enterprise front, improving defenses isn’t about just buying tools. For Facebook to truly move the security needle, they will also need to ensure that whatever investment they choose is deployed appropriately, configured correctly, and constantly validated to ensure their investment works as expected.”

According to The Information, the company is most likely looking to acquire a cybersecurity firm that would offer a software with features like analytics or tools that flag unauthorized access into which Facebook could wrap its own systems.

“Facebook is acknowledging two factors with the public statement about acquiring a cybersecurity firm. First, there is a shortage of cybersecurity talent. Second, the company will start making cybersecurity unique solutions part of their key business value to their customers," said Joseph Kucic, chief security officer at Cavirin.

"Obviously, Facebook could purchase products and solutions from vendors, but they want to create greater value that will be a market and product differentiator for them as they move forward with an acquisition.”

There's no word yet on when the big purchase might happen, but one unidentified source reportedly suggested a deal could be in the works by the end of the year.

Source: Information Security Magazine