MCLEAN, Va., June 17, 2015 /PRNewswire/ -- CYREN (NASDAQ: CYRN) today announced that it has been awarded a government grant of NIS 3.6 million (approximately USD 0.93 million) from the Office of the Chief Scientist (OCS) at the Ministry of Economy of Israel.
The grant will offset some R&D expenses for the period from January 2015 through December 2015 and will support the research and development of the Company's Cyber Threat Protection platform. This grant is the largest initiative in the OCS-funded KIDMA program.
The OCS awards grants to companies from various industries in Israel to foster technology innovation. Recipient selection is based on multiple criteria, including the uniqueness of a company's technology, the importance of the problems and potential market that it addresses, plus the robustness of the company's business including financial position, R&D capabilities and management experience. The KIDMA program was formed by the OCS to identify and advance innovative Israeli companies focused on the Cyber security industry.
"We are honored to be selected for funding by the Israeli OCS-KIDMA program and we are grateful for its continued support. This grant helps us to accelerate the development of our Cyber Threat Protection service for advanced threats," stated Lior Kohavi, Chief Technology Officer of CYREN.
"CYREN previously focused the threat collection and analysis capabilities of its global Cyber Intelligence platform on providing the best protection available at the point of threat delivery in the Cyber Kill Chain," continued Kohavi. "With this funding we can expedite the launch of our Cyber Threat Protection service, which builds upon our existing cloud-based Web security platform and specifically addresses detection and remediation of advanced threats that have already breached the security perimeter."
CYREN is also working with OCS on an additional project to establish and lead a public non-profit Cyber consortium in Israel. The consortium will assist Cyber startup companies by giving them access to malware samples that have been collected by the CYREN global Cyber Intelligence platform.
Founded in 1991, CYREN (NASDAQ and TASE: CYRN) is a long-time innovator in cyber intelligence, offering next generation Security as a Service solutions to enterprises and powering the security solutions of more than 200 of the world's largest IT and security technology providers. Providing real-time detection of cyber attacks against many of the largest networks, CYREN maintains the broadest and deepest real-time Internet threat database in the world. Every day, CYREN collects and analyzes 17 billion pieces of threat data to protect 600 million global users. Threat data is gathered and Cyber Intelligence is disseminated through 500,000 global points of presence in 200 countries. Visit www.cyren.com.
© 2015 CYREN Ltd. CYREN and GlobalView are trademarks of CYREN Ltd. Other company and product names may be trademarks of their respective owners.
U.S. Investor Contact:
IsraelInvestor Relations Contact:
CYREN Company Contact:
Mike Myshrall, CFO
CYREN Media Contact:
Zintel Public Relations