To me, "job security" means having marketable skills. It means I don't depend on a single company. It does not mean I trust that my company will take care of me.

This is easy to say as a software developer because of the nature of our industry. Niche jobs are probably different, but a smart worker would recognize such a job as a personal risk ("if this company tanks, I have no marketable skills") and require more compensation in exchange for assuming that risk.