Kyberpass Corp. cut a sizable part of its workforce on Monday as it slims down and waits out the downturn in the global economy.
Chief executive Tom Nolan confirmed a "significant reduction in staff?was made, but would not offer a specific figure.
A source close to the e-commerce security firm pegged the total number of local cuts at 20, or 40 per cent of Kyberpass's 50 Ottawa staff. The company also has sales offices in New York and London.
"By taking these actions today, I can see my way through 2003 with our current supply of cash,?Nolan said.
The technology of the privately-held firm is targeted at the member banks of Identrus, an international organization with 50 members dedicated to developing standards for online transaction security.
Despite the increased focus on the security of everything from border points to government computer networks after last year's terrorist attacks, weakness in the global economy continues to curb spending.
In September, VP of marketing Robert Lendvai told the Ottawa Business Journal that "security is still viewed in many ways as an afterthought. It is not seen as a core tenant of doing business online.?
Nolan said Monday that mindset, as well as the global economy, was behind the decision to cut jobs.
However, some bright spots have begun to emerge for the seven-year-old firm.
Nolan said business in Europe is on the rise heading into 2003. A large number of nations in a relatively small geographic area has made for a more lucrative market among governments and banks wanting to conduct business online across borders.
Nolan said the company plans to rehire the workers as the market improves.
Chief executive Tom Nolan confirmed a "significant reduction in staff?was made, but would not offer a specific figure.
A source close to the e-commerce security firm pegged the total number of local cuts at 20, or 40 per cent of Kyberpass's 50 Ottawa staff. The company also has sales offices in New York and London.
"By taking these actions today, I can see my way through 2003 with our current supply of cash,?Nolan said.
The technology of the privately-held firm is targeted at the member banks of Identrus, an international organization with 50 members dedicated to developing standards for online transaction security.
Despite the increased focus on the security of everything from border points to government computer networks after last year's terrorist attacks, weakness in the global economy continues to curb spending.
In September, VP of marketing Robert Lendvai told the Ottawa Business Journal that "security is still viewed in many ways as an afterthought. It is not seen as a core tenant of doing business online.?
Nolan said Monday that mindset, as well as the global economy, was behind the decision to cut jobs.
However, some bright spots have begun to emerge for the seven-year-old firm.
Nolan said business in Europe is on the rise heading into 2003. A large number of nations in a relatively small geographic area has made for a more lucrative market among governments and banks wanting to conduct business online across borders.
Nolan said the company plans to rehire the workers as the market improves.
