Over the last year, Facebook Inc. (NASDAQ: FB) shares have fallen more than 16% as data breaches and political scandals plague the company’s public reputation.
However, the social media giant appears to be on the verge of turning a corner.
Last month, reports surfaced that Facebook intends to acquire a cybersecurity firm in an effort to strengthen its digital defenses and regain public trust.
And that’s great news for cybersecurity stocks. Facebook currently has $42 billion in cash on hand, giving it more than enough to lock down an acquisition.