1©2015. CYREN Ltd. All Rights Reserved. Proprietary and Confidential. This document and the contents therein are the sole property of CYREN and may not be transmitted or reproduced without CYREN’s express written permission.

INVESTOR PRESENTATION

January 2015

NASDAQ: CYRN

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Safe Harbor and Forward Looking Statements

This presentation contains forward-looking statements, including projections about our business, within the meaning ofSection 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. For example, statements inthe future tense, and statements including words such as "expect," "plan," "estimate," "anticipate," or "believe" are forward-looking statements. These statements are based on information available to us at the time of the presentation; we assume noobligation to update any of them. The statements in this presentation are not guarantees of future performance and actualresults could differ materially from our current expectations as a result of numerous factors, including business conditions andgrowth or deterioration in the Internet market, commerce and the general economy, both domestic as well as international;fewer than expected new-partner relationships; competitive factors, including pricing pressures; technological developments,and products offered by competitors; the ability of our OEM partners to successfully penetrate markets with productsintegrated with CYREN technology; a slower than expected acceptance rate for our newer product offerings; availability ofqualified staff; and technological difficulties and resource constraints encountered in developing new products, as well as thoserisks described in the text of this presentation and the company's Annual Reports on Form 20-F and reports on Form 6-K, whichare available through www.sec.gov.

© 2015 CYREN. All rights reserved. CYREN, Recurrent Pattern Detection, RPD, Zero-Hour and GlobalView are trademarks, andAuthentium, Command Antivirus and Command AntiMalware are registered trademarks of CYREN. U.S. Patent No. 6,330,590is owned by CYREN. All other marks are the property of their respective companies.

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CYREN Snapshot

U.S. Headquarters / / Offices in Europe, Middle East and APAC

200 employees

Worldwide direct sales and channel distribution

19 data centers worldwide / / fault-tolerant network

24x7x365 support

GlobalView™ Cloud Platform processing 12 billion transactions per day from 550+ million endpoints

200+ global partners in 190 countries

Company Facts Revenue

$3.9$7.2

$11.3$14.1 $15.2

$18.2

$23.0$24.1

$32.8

2005 2006 2007 2008 2009 2010 2011 2012 2013

($ in millions)

Revenue (Non-GAAP)(1)

Representative Global Partners

Source: Company filings.(1) The difference between non-GAAP and GAAP revenue is derived from the fact that

deferred revenues consolidated from acquired companies are recorded based on fair value rather than book value for GAAP purpose.

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Business OverviewCYREN brings the next generation of cloud-based security technology and services to global businesses by leveraging its real-time global threat data.

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Today’s Security Landscape Challenge

There are only two kinds of companies. Those who know they have been breached and those who don’t.

IT Security Challenges

Increasing use of cloud-based apps reduces IT visibility and control of enterprise data.

25% of all corporate data traffic will flow directly from mobile devices to the cloud by 2018.

Mobile breaches will shift to tablets and smartphones from workstations by 2017.

The need for genuine threat intelligence and reputation scoring that is cloud-focused, mobile-oriented has never been greater.

(1) Source: Gartner The Growing Importance of Cloud Access Security Brokers (May 2012)

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30.2%

37.1%

32.7%

40.1%

31.1%28.8%

Shift to the Cloud

Messaging Security(1)

Mobile andRoaming Users

Enterprise

Messaging

Cloud-Based Security

Web Browsing

2013: $800 million 2017: $1 billion

(1) Source: Gartner Cloud-Based Security Services Market, Worldwide 2014

Web Security(1)

Email and web filtering have experienced more rapid adoption of cloud-based solutions

relative to other security solutions

40.7%

41.0%

18.4%

41.7%

35.1%

23.3%

2013: $390 million 2017: $810 million

2013-2017 CAGR of 7.1% for SaaS Platform

2013-2017 CAGR of 21.2% for SaaS Platform

Software SaaS

Enterprise

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CYREN GlobalView™ Cloud Platform Solutions

Global threat analysis, behavioral, and dynamic reputation scoring is only available via tools that use the Cloud.

Cloud-driven security solution enabling true full content inspection, including SSL traffic to better protect employees from rapidly evolving cyber threats

Cyber security products and solutions responsive to advanced malware and other cyber attacks targeting the data center that routinely bypass conventional signature-based defenses

Use cloud-based solutions to arm your organization with the intelligence needed to prevent and handle breaches.

Cyber Threat Protection

WebSecurity

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Secure browsing from any device, anywhere A total solution for roaming users, smartphones and tablets – including BYOD

An intuitive customer experience – easy to set up and manage

HOW IT WORKSBENEFITS

Partners build their own value-added services

Supports any sales ecosystem

Leverages CYREN’s leading detection for superior protection

Low-cost robust cloud infrastructure

WebSecurity

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Capture and interrogate all things internet and classify by reputation

Block the delivery of zero-day malware

Contain infections by blocking communication to Command and Control

Block exfiltration of data performed via HTTP/S communication

OUTBOUND THREATS Botnet C&C Traffic, Malicious URL / IP, Spam

Virus, Adware, Spyware, Malicious Scripts, Emails INBOUND THREATS

Threat Prevention

Threat Detection

Threat Containment

Incident Response

Advanced threat protection and analytics secures corporate assets

Cyber Threat Protection

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Go-To-Market Strategy

Highly efficient, multi-pronged go-to-market strategy across solutions and target customers

Distributors / VARsVendors / OEMs ISPs / Telcos Direct Sales

Global Team

‒ Americas

‒ EMEA

‒ APAC

Inside Sales

‒ Lead generation

‒ Follow the sun

Market focus

‒ Large enterprises

‒ SMEs

Delivering embedded and platform solutions

Sales overlay model

Market focus

‒ Large enterprises

‒ SMEs

‒ SMBs

Delivering embedded solution

Market focus

‒ SMEs

‒ SMBs

‒ Consumer

Delivering embedded and platform solutions

Market focus

‒ Large enterprises

‒ SMEs

‒ SMBs

‒ Consumer

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Vendor Landscape

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Financial OverviewProtect your company’s mostcritical information assets on any device, any location, all the time

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Financial Highlights

Upside Opportunity with Platform Business

Highly Predictable

Business Model

Profitable Embedded Business

Impressive Gross

Margins

Solid Historical Revenue Growth

Eight consecutive years of consistent non-GAAP revenue growth, representing a 30.5% CAGR for the period

Solid balance sheet with $13.1 million in cash (Sept 30, 2014)

Embedded global OEM customers delivers stable revenue base

Subscription model produces highly visible revenue

Embedded business delivers >80% gross margins

Strong cash / margin generation from incremental revenue due to scalable business model

R&D for new solutions is largely funded from cash flows of embedded business

Powerful solutions utilizing proprietary embedded data assets and scalable infrastructure are well positioned for considerable market adoption

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Revenue (Non-GAAP)(1)

Source: Company filings.(1) The difference between non-GAAP and GAAP revenue is derived from the fact that deferred revenues consolidated

from acquired companies are recorded based on fair value rather than book value for GAAP purpose.

$7.9 $8.1 $8.0 $8.2 $8.1 $8.3$7.8

1Q13A 2Q13A 3Q13A 4Q13A 1Q14A 2Q14A 3Q14A

$3.9

$7.2

$11.3

$14.1$15.2

$18.2

$23.0$24.1

$32.8

2005 2006 2007 2008 2009 2010 2011 2012 2013

($ in millions)($ in millions)

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Balance Sheet Highlights

Balance Sheet Item June 30, 2014 September 30, 2014

Cash $3,104 $13,094

Current Assets $9,397 $18,596

Credit Line $5,301 $5,347

Deferred Revenue $5,738 $5,646

Current Liabilities $16,993 $16,434

Shareholder’s Equity $24,988 $33,430

Shares Outstanding 26,589 31,364

All numbers in thousands (1,000s)

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Investment Highlights

Large TAM with Strong

Tailwinds

Unique Data Asset

Compelling Business Model

Proven, Scaled Platform

Significant Upside

Opportunity

$35 billion total addressable market in 2018(1)

Major shift in IT, as cloud and mobile expand, opening significant opportunity for emerging vendors

Proprietary detection technology Scalable cloud-based global infrastructure

Over 12 billion transactions per day, analyzed in real-time 200+ global partners; leveraging traffic data from numerous notable security

providers

Recurring revenue business model Gross margins of approximately 75% Solid balance sheet with $13.1 million in cash (Sept 30, 2014)

Significant growth opportunity in platform solutions: WebSecurity and APT Profitable embedded business funding emerging solutions

(1) Source: Gartner Information Security, Worldwide Forecast, 2012-2018 (3Q14 Update)

17©2015. CYREN Ltd. All Rights Reserved. Proprietary and Confidential. This document and the contents therein are the sole property of CYREN and may not be transmitted or reproduced without CYREN’s express written permission.

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