SecureWorks, a prominent cybersecurity company, has unveiled plans to reduce its workforce by 15 percent in its latest round of job cuts.
This announcement comes as part of the company’s efforts to streamline operations and achieve profitable growth. SecureWorks had previously laid off 9 percent of its global workforce earlier this year.
In an official filing with the US Securities and Exchange Commission (SEC), SecureWorks indicated that it expects to incur approximately $14.2 million in expenses due to these layoffs. These expenses are likely to cover severance and termination benefits for affected employees, as well as real estate-related costs stemming from the company’s actions.
SecureWorks CEO Wendy Thomas highlighted the necessity to simplify and scale the business to align with evolving customer and partner needs. This strategic move aims to optimize costs while maintaining the company’s commitment to providing effective cybersecurity solutions.
This decision follows a previous round of layoffs in February of this year, which saw around 9 percent of the company’s workforce let go as part of a broader restructuring initiative. The company had reported a total of 2,351 employees in March 2022.
SecureWorks isn’t the only cybersecurity firm grappling with workforce adjustments. Last week, US-based cybersecurity company Rapid7 also underwent significant layoffs, affecting approximately 470 employees, constituting around 18 percent of its workforce. Rapid7 expects the majority of the associated charges to occur during the latter half of 2023.
Both SecureWorks and Rapid7 are responding to dynamic market conditions and adapting their operations to stay competitive and relevant in the rapidly evolving cybersecurity landscape.
