Thousands of employees to be laid off in cyber security industry in 2023
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New Delhi (Uttam Hindu News): Layoffs in tech companies are going to continue unabated in 2024. The cyber security industry is not recovering from the losses and more than 110 cyber security companies laid off thousands of employees in 2023. Jobs in the cybersecurity sector were hit this year despite a rising number of once largely untouched cyberattacks and data breaches, TechCrunch reports. More than 260,000 jobs have been lost in the tech industry over the past 12 months, a huge increase compared to 2022, with 1,061 tech companies laying off 164,769 workers.
In January, UK-based cyber-security company Sophos laid off 10 percent of its global workforce, or about 450 employees, according to reports. Sophos attributed the job cuts to a challenging and uncertain environment and said it was making the move to drive growth and profits to support the long-term success of Sophos.
Cybersecurity firm Bishop Fox laid off about 50 employees, or 13 percent of its workforce, in May, saying it made these changes proactively in response to global economic conditions and identified opportunities to make the business more efficient .
UK cybersecurity company NCC Group confirmed in August that it was making further cuts to its workforce, just months after laying off 7 percent of its workforce, or 125 employees. NCC said it was laying off a small number of employees in response to changing market dynamics and customer demand. US cybersecurity firm Rapid7 also announced plans to lay off 18 percent of its workforce, affecting more than 400 employees.
Bug bounty giant HackerOne has also decided to cut jobs. The US-based startup announced that it is reducing 12 percent of its workforce, or about 50 employees. Malwarebytes laid off 100 employees. Cyber-security startup IronNet also laid off all of its remaining employees as the company prepares to shut down its operations in October.
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