Fornebu, Norway - June 14, 2024 - Norwegian businesses and public sector
organisations are facing more frequent and severe cyberattacks. According to a
survey conducted by Norstat, 1 in 5 business leaders reported having experienced
cyberattacks in the past year - a staggering 130,000 Norwegian companies. In
response to this growing threat, Telenor is establishing a new cyber security
company to meet these increasing demands from businesses.
"We have never experienced cyber threats as frequent and severe as we do today.
The business digital landscape is under constant attack, making robust
cybersecurity more critical than ever. Telenor has decided to build on its
experience and expertise as one of the Norway's strongest security players and
is establishing a new cybersecurity company with Nordic ambitions," says Sigve
Brekke, CEO & President of Telenor."
The newly formed company, named Telenor Cyberdefence, will become part of
Telenor Amp. Today, Telenor Amp's portfolio is comprised of 15 fully- or
partially-owned companies with a combined value of NOK 10-12 billion.
"The exponential growth of data and the increasing digitalisation of society are
providing criminals with a larger digital landscape to attack. This is a
challenge we are taking seriously by establishing Telenor Cyberdefence, and
purposely focusing on digital security. This will enable us to develop advanced
security products for the business market more rapidly and more effectively meet
market needs," says Dan Ouchterlony, EVP & Head of Telenor Amp.
Thomas Kronen, who has a long track record in the security and IT industry, has
been appointed CEO of the new company.
Addressing a Significant Market Need
The Norstat survey, conducted on behalf of Telenor, also revealed that nearly 9
out of 10 business leaders are concerned about their operations being crippled
by a cyberattack.
"Businesses across all sectors are increasingly being targeted by cybercriminals
and there is a significant unmet need in the market. We want to capture a share
of this," says Thomas Kronen, CEO of Telenor Cyberdefence. He points out that
the new company has ambitions to build a position across the Nordic region.
Telenor Cyberdefence will offer businesses a Security Operations Centre (SOC)
for 24/7 monitoring, prevention, detection, and response to all types of cyber
threats and incidents. The company will also provide specialist expertise
through consultancy services and testing of IT systems and infrastructure.
"The Norwegian SOC market is worth around NOK 3 billion annually, according to
our own analysis. Telenor Cyberdefence has ambitions to expand its operations
across all Nordic markets, presenting a significant opportunity for rapid growth
and establishing a strong market position," says Kronen.
Leveraging Strong Security Expertise
Telenor Cyberdefence builds upon Telenor's established position as a leading
provider of digital security solutions for businesses in Norway. As part of
Norway's Total Defence and as a custodian and protector of critical national
infrastructure, Telenor possesses unique insights into the evolving threat
landscape.
"With the establishment of Telenor Cyberdefence, we will bring together security
expertise from across our Nordic region to create a powerful entity with
comprehensive capabilities dedicated to safeguarding our customers' digital
security. We will now accelerate this focus, refine our expertise, and develop
more and better services that contribute to securing Norwegian and Nordic
businesses," says Kronen.
The establishment of Telenor Cyberdefence involves the transfer of approximately
50 security personnel from Telenor Norway to the new company. The company will
also assume responsibility for Telenor Norway's existing SOC customers,
resulting in Telenor Cyberdefence commencing operations with a customer base of
around 70 Norwegian businesses.
This Nordic expansion follows a recent strengthening of the internal security
environment within Telenor Norway. Telenor Norway owns and operates critical
infrastructure, and as a result, the company has over the years established a
robust and highly competent security environment to fulfil its vital societal
responsibilities. Considering the evolving security landscape and the increasing
prevalence of cyber-attacks, Telenor has further strengthened this environment
through the establishment of a new and dedicated internal Cyber Security
Operation Centre (CSOC). This center will focus on Telenor Norway's extensive
and intricate IT and telecom infrastructure, further enhancing security for
Telenor Norway, its customers, and Norwegian society.
Media contact:
David Fidjeland | Director Media Relations, Telenor Group
+47 93 46 72 24 | david.fidjeland@telenor.com
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