Job cuts hit cybersecurity industry despite surging growth from ransomware attacks [CNBC]
SentinelOne, Inc. Class A (S)
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Source: CNBC
However, the plunge in tech stocks and freezing of the IPO market has forced a number of high-growth companies to cut jobs. “We were not optimized as a business,” said Cybereason CEO Lior Div. Nothing has lowered Cybereason's expectations for growth. Rather, the continuing rise in ransomware attacks has forced its clients to bolster spending on security systems, putting the security software company ahead of schedule when it comes to revenue. But Cybereason is cutting costs anyway, confirming last week that it's laying off 10% of its workforce, or about 100 employees. The reductions follow the dramatic swing in the economy this year and the beating that software stocks have taken on the public market. Cybereason's story resonates with many of the 450-plus vendors in attendance at RSA, the premier conference for companies in security software. The size, scale, complexity and potential damage caused by cyberattacks means that no matter how corporate IT and finance departments a
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