Trends
Telenor invests $1.3B to support Europe’s cybersecurity strategy
The CEO and President of Telenor emphasised the urgency of robust cybersecurity measures in the face of constant attacks.
Headline
The CEO and President of Telenor emphasised the urgency of robust cybersecurity measures in the face of constant attacks.
Context
OUR TAKE Despite not being prominently displayed, Europe has been quietly working behind the scenes, steadily and solidly advancing. The global cybersecurity market size, company mergers and acquisitions, investment opportunities, and IPOs are poised for significant growth, the world’s hottest and most innovative cybersecurity companies, the Cybersecurity 500, shows nearly 20% are from Europe, with four companies headquartered in the Netherlands making the list. –Miurio, BTW media reporter Telenor Group (Telenor) , the Norwegian telecommunications group, announced the establishment of Telenor Cyberdefence, a new cybersecurity firm dedicated to the Nordic region. Thomas Kronen will lead the company as CEO, operating under Telenor Amp, the unit that encompasses businesses related to its core activities, as announced on Friday.
Evidence
Pending intelligence enrichment.
Analysis
The frequency and severity of cyberattacks on Norwegian businesses and public sector organisations have been on the rise. A survey conducted by Norstat revealed that 1 in 5 business leaders, equivalent to around 130,000 Norwegian companies, reported experiencing cyberattacks in the past year. In response to this escalating threat, Telenor, one of Norway’s security players, is taking action by establishing a new cybersecurity company called Telenor Cyberdefence. The CEO and President of Telenor, Sigve Brekke, emphasised the urgency of robust cybersecurity measures in the face of constant attacks on the digital landscape. Telenor Cyberdefence will be integrated into Telenor Amp, a portfolio consisting of 15 fully- or partially-owned companies with a combined value of NOK 10-12 billion (1.1-1.3 billion dollars).
Key Points
- The frequency and severity of cyberattacks on Norwegian businesses and public sector organisations have been on the rise. A survey conducted by Norstat revealed that 1 in 5 business leaders, equivalent to around 130,000 Norwegian companies, reported experiencing cyberattacks in…
- The damage inflicted by cybercrime is expected to produce $8 trillion in global costs in 2023 and could reach as high as $10.5 trillion in 2025, prompting not only cybersecurity companies but nordic authorities to undetake responsibility to prevent cybersecurity.
Actions
Pending intelligence enrichment.
