Tech layoffs and the impact and the cybersecurity industry

Tech layoffs and it’s impact on the cybersecurity industry

So far in 2022, the global tech industry has seen 196,997 employees laid off by 1175 companies, representing the largest layoff activity in the industry. Giant tech companies, such as Meta, Twitter, and Amazon have confirmed that the layoffs are as a result of outsized growth, spurred on by the pandemic.

Several tech companies have taken preventive measures to stop hiring or lay off workers due to rising worries that a more widespread economic slowdown may hit us in 2023. The reality remains that no industry can hope to be completely immune to deteriorating economic conditions. However, according to industry experts, the cybersecurity sector is likely to be spared more than most due to the existing demand for security professionals. In total, cybersecurity organizations makeup up only 1.7% of the layoffs.

According to the “Global Risks Report 2020” published by the World Economic Forum (WEF),
cybercrime would rank as the second most concerning danger to global trade over the ensuing ten years, until 2030. Cybersecurity has become a critical component of every business. Organizations and businesses are forced to embrace the cybersecurity team as a key business driver, just like sales or marketing teams. There is a greater demand for cybersecurity skills to defend, protect, and secure trails of personal data as threats become increasingly complex and our digital footprint continues to grow.

As organizations navigate increased economic pressures, they continue to prioritize their cybersecurity needs. Bad actors and cyber-attacks will not go away if the economy worsens; in fact, one might argue the threat landscape worsens during challenging times. Many cyber insurance policies also mandate some degree of spending on cybersecurity, in addition to the requirement for many organizations to meet regulatory and compliance criteria around security and data protection.

Overall, the job market for cybersecurity professionals continues to wax strong. There is still a huge talent gap in the cybersecurity industry. As matter of fact, for every 100 available jobs, there are only 65 cybersecurity professionals available. Want to know more about how you can take advantage of the cybersecurity talent gap?
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