I mean, I imagine the risks from insider threats (selling or dumping secrets etc) would be heightened in this environment. Especially if two layoffs already happened.
They'd need to have a bulletproof insider threat program, one they're not laying anyone off from to mitigate the risk of their own team becoming a threat.
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Tldr: once you've had two layoffs back to back, the risk isn't low morale, it's animosity.
Given the long term lack of success of the firm and the rapid incremental success of other tech lineages, what secrets would be worth dumping? Here’s not how do it?
That could actually be valuable information. If the competitor can avoid the costs involved with wasting development time on something that's already known by someone else to not work, that's money that can be spent on a different direction.
