Cybersecurity sector was not immune from job losses in 2023

NEW DELHI: As tech layoffs are set to continue unabated in 2024, the cybersecurity industry was not immune from job losses and more than 110 cybersecurity companies fired thousands of employees in 2023.

Once largely untouched, jobs in the cybersecurity sector were also affected this year despite an ever-increasing number of cyber attacks and data breaches, reports TechCrunch.

The tech industry has seen more than 260,000 jobs being lost in the past 12 months, a huge increase over 2022 which saw 1,061 tech companies laying off 164,769 employees.

In January, UK-based cyber-security company Sophos laid off 10 per cent of its global workforce, or about 450 employees, according to the report. Sophos blamed the job cuts on a “challenging and uncertain macro environment", saying it was making the move in part to “achieve the optimal balance of growth and profitability to support Sophos’ long-term success”.

Cybersecurity firm Bishop Fox laid off around 50 employees, or 13 per cent of its workforce, in May, saying it “proactively made these changes in response to the global economic situation and opportunities we identified to make our business more efficient”.

UK cybersecurity company NCC Group confirmed in August that it was making further cuts to its workforce, months after it laid off 7 per cent of employees, or 125 employees. NCC said that it was letting go of a “small number” of employees in response to “changing market dynamics and client demands,” according to TechCrunch.

US cybersecurity firm Rapid7 also announced plans to lay off 18 per cent of its workforce, affecting more than 400 employees, which was a necessary effort “designed to improve operational efficiencies, reduce operating costs and better align the company’s workforce with current business needs.”

Bug bounty giant HackerOne also made job cuts ‘necessary’ for long-term survival. The US-based startup announced that it was reducing up to 12 per cent of its workforce, or approximately 50 employees.

Malwarebytes let go of 100 employees as it prepared for a corporate restructuring that saw the business split into two units. The fresh layoffs came almost a year after it eliminated 14 per cent of its global workforce.

Cyber-security startup IronNet also laid off all of its remaining staff as it prepared to shut down its operations in October.