Despite a growth in cyberattacks and breaches, the cybersecurity business is through no means exempt from the doubt impressed because of the economy that is current

2023 will likely be remembered as the “year of the layoff.” These unsettling workforce reductions only worsened this year as the industry continued to battle economic uncertainty while many expected the tide to shift after a rough 2022 that saw more than 130,000 tech workers lose their jobs. For Millionaires has actually comprehensively tracked these layoffs, that have up to now seen a lot more than 240,000 tasks lost over the previous year alone, a increase that is hefty 2022.

The cybersecurity sector was once largely untouched by the headcount that is vast occurring over the larger business, but 2023 programs no sector is protected. Cybersecurity isn’t the worst-affected industry — that regrettable accolade has been advertised because of the transport business. Nonetheless it’s obvious that cybersecurity businesses tend to be no longer exempt from layoffs, despite a workforce that is strong an ever-increasing number of cyberattacks and breaches.

According to data from layoffs tracker Layoffs.fyi, more than 110 cybersecurity companies have made cuts since the beginning of 2023. We’ve rounded up some of the most notable.

Sophos cuts 10% of global workforce, or 450 employees

For Millionaires learned in January that the security that is britain-based Sophos had been beginning the season with layoffs influencing 10% of their international staff, or just around 450 staff members. For Millionaires initially discovered of this layoffs after hearing of a few staff members in Asia just who were let it go. Sophos blamed the slices on a “challenging and unsure macro environment.” The company said it was making the move in part to “achieve the optimal balance of growth and profitability to support Sophos’ long-term success” while shuffling its headcount to “support our strategic imperative to be a market leader in delivering cybersecurity as a service.”

Bishop in a statement Fox made ill-timed cuts after throwing conference party

Cybersecurity firm Bishop Fox laid off around 50 employees, or 13% of its workforce, in May — just days after the company threw a party at the RSA security conference featuring beverages that are custom-branded. Bishop Fox, which counted around 400 staff members ahead of the slices, stated during the time we identified to make our business more efficient. that it“proactively made these changes in response to the global economic situation and opportunities” The company claimed that while demand for its cybersecurity products remained solid, “we can’t ignore market uncertainty and investment trends in this very different global economy.”

NCC Group conducts two rounds of layoffs months apart

U.K. cybersecurity giant NCC Group confirmed in August after it laid off 7% of staff, or 125 employees, based in the U.K. and across North America that it was making further cuts to its workforce, just months. For Millionaires learned of this 2nd round of layoffs from an individual with understanding, and NCC later on stated it was letting go of a number that is“small of employees in response to “changing market dynamics and client demands.”

Rapid7 laid off hundreds of employees, shutters offices

Rapid7, a similarly established U.S. cybersecurity firm, also announced job cuts in August. The company announced plans to lay off 18% of its workforce, affecting more than 400 global employees, which it said was a effort that is necessary to boost functional efficiencies, lower working prices and much better align the company’s workforce with present business requirements.” During the time, Rapid7 — which defines it self as a” that is“hybrid-first” — said it also planned to permanently close certain office locations as a result of the restructuring.

Bug bounty giant HackerOne makes cuts that is‘necessary lasting survival

August also saw sweeping layoffs at HackerOne, a widely understood bug bounty and penetration evaluation system. The San startup that is francisco-based that it was cutting up to 12% of its workforce, or approximately 50 employees, impacting staff based in the United States, Canada, the United Kingdom, the Netherlands and other countries. HackerOne raised close to $160 million since its inception in 2012, but blamed the cuts on the climate that is macroeconomic. “These activities are essential to reach your goals lasting,” HackerOne CEO Mårten Mickos stated in a contact to affected staff members, phoning the staff decrease a event that is“one-time*)Malwarebytes let go of 100 employees ahead of company split

Rounding out a relentless month of layoffs, Malwarebytes laid off 100 employees around the world as it prepared for a restructuring that is corporate saw the business enterprise split up into two. The layoffs arrived practically precisely a after Malwarebytes eliminated 14% of its global workforce year. For Millionaires learned of the cuts from a employee that is former just who stated that the layoffs had been made simply months after a few people in the company’s C-suite were let it go. Even though many cybersecurity businesses blamed headwinds that are economic reductions in headcount, Malwarebytes CEO Marcin Kleczynski told For Millionaires that the layoffs were an exercise in rationalizing expenditures. Kleczynski said the company continued to be “healthy and profitable*)IronNet that is turn off after substantial layoffs

IronNet, a cybersecurity that is once-promising founded by former NSA director Keith Alexander, laid off all of its remaining staff as it prepared to shutter the faltering business in October. In a filing that is regulatory IronNet’s president and primary monetary officer Cameron Pforr stated the business had ceased all company tasks since it makes for section 7 personal bankruptcy, successfully liquidating the company’s continuing to be possessions to pay for its staying debts.