Security News

Cybersecurity Layoffs In 2023: Companies That Cut Jobs In Q3

Kyle Alspach, Wade Tyler Millward

While cybersecurity spending continues to grow, a number of major vendors in the security industry have recently cut staff amid the economic slowdown.

IronNet Furloughs Bulk Of Its Employees

IronNet disclosed that it will furlough “almost all” of its employees and will “substantially curtail” its business operations, the company said in an SEC filing Sept. 5. The moves come “as a result of the liquidity position” of the company, IronNet said. IronNet’s founder, Keith Alexander (pictured), resigned as CEO in July as part of a take-private deal with investment firm C5 Capital.

“Several” employees have been retained by IronNet “to ensure there were no service interruptions,” the filing said. As of the end of January, IronNet had employed 104 full-time workers, according to the company’s latest annual report.

The vendor’s board is also “continuing to evaluate strategic alternatives, including potentially seeking bankruptcy protection,” IronNet said in the SEC filing.

IronNet had previously gone through two rounds of layoffs since mid-2022. Most recently, IronNet disclosed last September that it would lay off 90 employees, or 35 percent of its staff at the time, while warning that it might not have enough cash to support operations for the next year.

Sponsored Post


Advertisement exit