Corporate employees regardless of industry, should always be ready for layoff. There is no loyalty, just bottom lines. Don't be a sitting duck, always be prepared. Is the job market great? No, but there are a lot of "spray and pray" types out there who don't tailor their search. Tech industry bad? Work within another industry's tech organization - Financial, Insurance, Manufacturing, Pharmaceutical, Real Estate...every major industry has tech as their backbone.
Keep your resume up-to-date, research companies/roles that fit your profile and career goals. Maintain your professional network by personally reaching out to associates at other companies and letting them know you are looking and be specific as to the role you are looking for. (don't contact someone with "hey remember me from several years and two jobs ago?") Most jobs are landed through inside connections. If it's been awhile since your last search, go on YouTube and view HR professionals' channels for the latest. Brush up on your LinkedIn search skills; LI isn't great but can be useful in researching companies.
I don't work for Cisco anymore, but still have friends there. It's sad to see Cisco falling apart and laying off so many people... Good luck to those impacted and may layoff be a blessing in disguise that propels you toward a better career opportunity.