Ongoing economic downturn has prompted job cuts in the cybersecurity industry even in the face of increasingly prevalent cyberattacks, with over 110 cybersecurity firms reducing their workforce since the beginning of 2023, reports TechCrunch.
All of IronNet's staff have been laid off after the former National Security Agency Director Keith Alexander-founded cybersecurity startup filed for bankruptcy in October, while Malwarebytes saw the departure of 100 of its employees worldwide as it split into two business units in August.
Nearly 20% of Rapid7's workforce, up to 12% of HackerOne's employee base, and 7% of NCC Group staff have also been let go in August, with Rapid7 noting the layoffs to be necessary for bolstering operational efficiencies.
On the other hand, Bishop Fox had 13% of its workforce gone in May while Sophos had laid off nearly 450 employees, or 10% of its global workforce, in January.
Both companies attributed the move to economic uncertainties.