Massive layoffs impacting the tech industry: What can companies do?

Posted on November 23, 2022 | by TeresaPenafiel | 5 Comments

Massive layoff announcements are starting to pile up across the US economy: Meta laid off around 11,000 workers, Twitter cut about 3,700 employees, Amazon about 10,000, and the list goes on. This is a side effect of the upcoming severe US recession.
As the Fed keeps raising interest rates to combat 40-year high inflation, many market observers anticipate a recession in 2023. The US GDP has decreased for two straight quarters: 1.6% in the first quarter of 2022 and 0.6% in the second. That is a recession in most nations.

Massive Tech Layoffs Context

Layoffs in the IT industry have dominated the news in recent weeks as businesses struggle with inflation-driven cost increases and dwindling income from fearful consumers cutting back ahead of a recession.

This year’s overall number of layoffs in the United States has reached 120,000, surpassing the amount of IT professionals fired in 2001 during the Dot Com bubble.

Although there are common elements, there are various reasons why different businesses reduce staff:

1. Market Shifts

Many tech companies rely heavily on online advertisements for revenue, but the advertising industry’s future is looking bleak. Businesses are now dealing with more pushback to their invasive advertising tactics. For instance, Apple makes it more difficult to track users’ internet activities and sell that information to marketers.

2. Cutting Expenses

Investors have increased the pressure on companies to reduce expenses by claiming that they are bloated and reluctant to act when there are signs of a slowdown.

3. No More Blue Skies

There is less tolerance for large investments in high-tech bets, such as virtual reality or autonomous automobiles, that could not pay off in the near future.

Investors believe that some of the sector’s lucrative benefits and high pay are unsustainable.

In summary, companies all around the US are substantially cutting back on employment as part of its restructuring efforts to get ready for a potential economic downturn brought on by the crisis in Ukraine and the U.S. Federal Reserve’s battle against inflation. It’s concerning that this is just the beginning. Which arises the question: What can we expect from the US Recession in 2023 and how can we keep our businesses up and running?

What can companies do about the Massive Layoffs and Recession landscape?

For businesses that wish to survive the volatility and keep their investors, employees, and clients protected, economic downturn measures become essential in this situation.

IT executives are emphasizing on remote work, acquiring in-demand tech talent, and utilizing AI and analytics tools to manage supply chain capacity and optimize efficiency gains in order to recession-proof their organizations.

Furthermore, what would be a good way to prevent negative effects of the 2023 recession on your tech company? Consider nearshoring. A nearshoring strategy allows companies to stay competitive by hiring qualified talent in the same time zone, but living in a lower-cost location. In fact, by building competent teams, saving businesses valuable time and recruiting resources, and establishing sizable, high-performance centers for software engineering, ITJ supports rapidly expanding and high-value industry areas.

Now, where to look?

Mexico. The Cali-Baja MegaRegion, which is brimming with possibilities, would be a great place to start your search. Find a good and close location. The strategic location of Tijuana, which is about 35 minutes south of downtown San Diego, enables enterprises to operate in the thriving border economy and enhances contacts between Mexican and American industries. One of the biggest population densities along the US-Mexico border is in Cali-Baja. The region has remarkable qualities for moving global and binational corporate investments due to its unique cross-border integration and IT/Software development, as well as its transnational culture and high-end binational talent pool.

Nearshoring is the solution for maintaining control in the unpredictable environment the US is going through. We recommend reading about How to choose your nearshore provider, to continue your research.

About ITJ

ITJ is devoted to serving fast-growing and high-value market sectors, particularly the Internet of Medical Things (IoMT), working with innovative medical device companies looking to improve people’s lives. With a unique BOT (build, operate, and transfer) model that sources only the best digital talent available, ITJ enables companies in the US to create technology centers of excellence in Mexico. For more information, visit www.itj.com.

Maritza Diaz featured in the Business Woman of the Year 2022

Posted on November 15, 2022 | by TeresaPenafiel | 8 Comments

SAN DIEGO, CA – November 15, 2022 The San Diego Business Journal and community leaders will come together to recognize extraordinary women at the Business Woman of the Year 2022 Awards, featuring Maritza Diaz, Chief Executive Officer of ITJ, as one of the finalists. This award is an acknowledgment given to the top 10 dynamic women business leaders who have made significant contributions to their communities, achieved significant business success, and made advancements in the field of innovation in San Diego’s workplaces and communities.

The honorees were announced at the formal event, which was held on November 15, 2022, in the Hyatt Regency La Jolla At Aventine from 11:00am to 2:00pm. A breathtaking celebration featuring the wonderful honorees and the work they have done over the years.

Alongside 50 outstanding women in the San Diego community, Maritza Diaz stands for ITJ. A business that began operations in 2019, and a San Diego-based provider of technology services that enables clients to establish technologically advanced hubs in Tijuana. By establishing Software Centers of Excellence through a unique BOT model and granting access to nearshore digital talent, ITJ’s objective is to contribute to the improvement of people’s lives through digital innovation. Over the course of the years, the company has grown its clients by 200% and has generated +760 job positions in the Cali Baja region.

As a female leader among influential women, Maritza Diaz has made it her mission to help San Diego’s life science and technology sectors expand and become more competitive in the world. Diaz is adamant about making an impact in the community by encouraging other women to pursue leadership positions in the industry and by encouraging community involvement.

“We are really proud to be a part of this group of exceptional women who have excelled in leadership roles in the city of San Diego. I owe everything to my exceptional team, which has stood by my side throughout and kept me inspired to move forward steadily towards our goals.” — Maritza Diaz, CEO of ITJ.

About the event

Business Women of the Year Awards 2022 is an annual event held in the city of San Diego, with the objective to recognize strong and extraordinary women business leaders who have contributed significantly to San Diego’s workplaces and communities.

The evening features a panel discussion on the topic of speak-up standup. Additionally, the honorees will receive a Live Achievement Award.

Understanding Digital Security

Posted on November 10, 2022 | by TeresaPenafiel | 8 Comments

There are several cyberattacks every day, and anyone might become a victim of a cybercrime, hack, or theft. Leading international brands have had fraudulent information posted on their websites, while small businesses and creative start-ups across all industries are routinely targeted because the majority of them lack adequate digital security procedures. Sadly, as our reliance on the internet and digital networks grow, hazards are also connected to it along with advantages. As a result, today’s society places a high priority on digital security.

There was a 28% increase in global attacks in the third quarter of 2022 compared to the same period last year. Additionally, over 1,130 attacks per organization each week on average were reported globally. This means this issue is a worldwide matter that everyone should be aware of.

But first, let’s go back to the basics:’=

What is Digital Security?

Digital Security refers to all methods used to protect online identities, data, and other digital assets; methods are either virtual or physical. These resources include, but are not limited to, web services, antivirus programs, SIM-equipped smartphones, biometrics, and secure devices. In other words, digital security protects your identity online.

Difference between Digital Security & Cybersecurity

While both hold similarities, they also differ from one another. Keeping your online presence safe requires using digital security (data, identity, assets). At the same time, cybersecurity protects you from unwanted access by enclosing entire networks, computer systems, and other digital components.

Digital security is considered a subtype of cybersecurity depending on one’s perspective. In truth, digital security protects information, whereas cybersecurity safeguards the infrastructure, including all systems, networks, and data, despite the fact that many industry professionals use the two terms interchangeably.
If you want to take a dive into the cybersecurity considerations for IoMT, visit IoMT and Medical Device Cybersecurity.

Types of Digital Security

As you can see, if your digital data is compromised, a lot can go wrong. Fortunately, there are many different types of security in the digital age, giving users a large selection of defense strategies. These consist of:

Firewalls

This program keeps track of online traffic, spots authorized users, prevents unauthorized access, and, if it’s up to date, will even guard against next-generation malware. Although firewalls have been around for a while, many cybersecurity professionals consider them to be outdated. A cutting-edge version, though, is a beneficial tool for blocking unauthorized users.

Antivirus Program

Your data is infected by viruses spread by malware and other harmful systems, which also cause your system to crash. In addition to identifying and eliminating these viruses, an effective antivirus program also blocks dubious programs and isolates potential risks.

Remote monitoring software

Data security teams gather information, identify issues, and remotely monitor all software and hardware thanks to remote monitoring. Administrators are able to fix any problem at any time, anywhere, thanks to remote monitoring, giving their clients flexibility and convenience.

Proxy Servers

By applying filtering criteria that adhere to an organization’s IT regulations, proxies act as a link between users and the internet. Furthermore, proxies use an authentication system to limit access and track usage while blocking hazardous websites.

Vulnerability Scanner

This program analyzes, maintains, and locates any system vulnerabilities in your company. In addition to identifying weaknesses, vulnerability scanners also prioritize them to assist you in planning your defenses. Scanners can be used by IT security teams for both internal systems and web applications.

Best Prevention Practices against Cyber-attacks

1. Ensure that all of your software and systems are updated often

Because obsolete systems or security software exposes weaknesses, cyberattacks routinely happen. These weaknesses are exploited by hackers and cybercriminals to get access to your network. Sometimes it’s too late to take preventative action once they’ve entered.

A patch management system, which keeps track of all software and system upgrades and guarantees that your system is up to date, and creates a secure online environment, is a smart investment to combat this.

2. Train your workers

One of the most common ways for cybercriminals to obtain your data is through employees. They send phishing emails asking for personal information or access to particular files while posing as representatives of your business. In fact, links appear authentic to the inexperienced eye, and it’s simple to fall for the trap. One of the best ways to combat cyberattacks and other types of data breaches is to educate your personnel about how to prevent them and keep them up to date on recent cyberattacks.

3. Prioritize endpoint security

Networks that are connected to devices over a remote bridge are protected by endpoint security. Access points connected to company networks via mobile devices, tablets, and laptops raise security issues. In order to protect these channels, endpoint protection software is needed.

4. Create a data backup

To prevent a severe slowdown, the loss of data and sensitive information, and financial loss in the event of a disaster, you really need to have your data backed up.

Data is abundant and easily exploitable. The value of that data alone attracts opportunists to cyber criminals as they simply need one successful haul to justify their efforts. The hackers use phishing scams to deceive customers in order to steal their identity or get a sizable chunk of money via a hacked credit card. Long-term gains come from learning about digital security. Protect your information and get ready.