Job cuts hit cybersecurity industry despite surging growth from ransomware attacks [MSNBC.com]
SentinelOne, Inc. Class A (S)
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Source: MSNBC.com
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’slaying off 10 percentsoftware stocksCybereason’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 are responding to inflation and a potential economic slowdown, budgets are expanding when it comes to protecting data and networks.The global cybersecurity market is expected to grow at an annual rate of 9.5 percent a year, reaching almost $375 billion a year by 2028, according toVantage Market ResearchGartnerStill, with the IPO window closed, Cybereason’s pla
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