October 30, 2018
Facebook is upping its game against future potential cybersecurity and data privacy attacks. It’s now on the lookout for a big cybersecurity firm to strengthen its defences through in-house support.
It is clear that 2018 has not been kind to Facebook, testing the social media platform on many different levels, which can be seen through the evident decline in its user base and also through the infamous case of Cambridge Analytica and as if that was not enough, recently a hacker exploited a security bug that compromised millions of accounts. Now with heavy penalties from GDPR standing against the platform’s business model, it has become necessary for the company to take some big steps to guarantee the website’s protection and they plan to do this by acquiring a cybersecurity firm.
The report of Facebook’s intent was made by ‘The Information’. The publisher stated that Facebook is in a hurry to pack the deal at the earliest, perhaps even by the end of this year. It also revealed that the company has already approached several cybersecurity firms, although none of those names were revealed, as the ‘discussions are still underway.’
The company has been clear on its intent on getting its hands on some reliable security tools that can integrate with its services to provide a seamless experience for its users, whilst also protecting their private data.
Now if it manages to seal the deal, it would have better opportunities to make its services safer, by detecting security bugs quicker, securing the accounts of the existing users, preventing the creation of more fake accounts, and taking safety measures to prevent future hacking attempts.
Acquiring a cybersecurity company will not only prove its long-term ROI by creating an impregnable wall for the Facebook platform overall but will also improve its public opinion as a more trustworthy brand.
It is clear that as the technologies advance, cybersecurity will become crucial and more complicated with the involvement of Machine Learning and Blockchain. Facebook’s plan will therefore not only ensure that it is well protected without any hefty subscription models, but will also allow it to explore and grow.
Public announcement of a huge acquisition will also make its position in further cases clearer and goes to demonstrate that Facebook has indeed learnt from its previous mistakes and is ready to accept its responsibilities head-on.
Resources:
https://www.theinformation.com/articles/facebook-on-hunt-for-big-cybersecurity-acquisition
For the recent hacking attack that exploited Facebook security bug read here:
https://www.forbes.com/sites/leemathews/2018/10/22/facebook-buy-cybersecurity-firm/#4dcfb70751fc
