Cybersecurity concerns on the rise among Norwegian business leaders
As digital threats continue to escalate, a recent survey conducted by Telenor reveals that cybersecurity is a growing concern among Norwegian business leaders.
The survey, conducted by YouGov, polled 300 Norwegian business leaders about their view on the cyber threats in 2024, underscoring the urgent need for robust digital security in the face of escalating cyber risks.
The National Security Authority in Norway (NSM) has, since 2022, recorded a sixfold increase in the number of denial-of-service attacks compared to the previous three years combined. This alarming trend is reflected in the survey, where many business leaders expressed concerns about their ability to handle such sophisticated threats.
“Norwegian businesses and public enterprises are exposed to increasingly frequent and severe cyberattacks. Never before have we experienced such frequent and serious cyber threats as we do today. The digital landscape is under constant attack, making robust cybersecurity more critical than ever,” says Thomas Kronen, CEO of Telenor Cyberdefence.
This sentiment is echoed by the 44% of business leaders who believe it is quite or very likely that they will increase their cybersecurity resources in the coming year.
New Methods
Telenor’s security centre, which monitors and protects corporate customers’ networks and data equipment, handles an average of more than 20 serious incidents each month. Over the past year, the security centre has noted a shift in the way Norwegian businesses are attacked.
Two methods stand out in particular. Criminals either try to steal employees’ usernames and passwords or gain access to the company’s network via so-called edge devices. These are endpoints exposed directly to the internet, often to provide employees and partners with easy access to information. You can read more about this in the report “Digital Security 2024: Do We Have Time to Wait?”
“The company and its employees share the responsibility of protecting the business. We are good at physically protecting the company, for example by locking the door when we go home. How do we ensure we have equally good digital routines? Each of us has a responsibility to be vigilant and cautious when using our work tools,” says Kronen.
The survey revealed that business leaders are particularly concerned about malware, followed by data breaches, phishing attacks, and ransomware. These concerns are driving companies to adopt a range of cybersecurity measures.
The exponential growth of data and the increasing digitalisation of all parts of society provide criminals with a larger attack surface. The number of applications a typical organisation uses has exploded over the past decade. According to recent reports, typical organisations now use 130 applications, up from 16 apps five years ago. The number of IoT devices is also growing rapidly, with some forecasts predicting as many as 41.6 billion such devices by 2025. These developments underscore the need for enhanced security measures, as highlighted by the survey results.
Strengthening Security
Many leaders are concerned and are signalling increased investments in security. Preparedness is also a central part of the concern, as many companies have no plan in case they are attacked.
Telenor’s survey provided the following responses:
Among the companies surveyed, 55 percent have increased security related to passwords, identities, and other security controls in the past year.
Only 1 in 3 say their company has adequate alert and contingency routines in case something happens. Some have no contingency plans, while others find their preparedness insufficient.
“When we ask leaders about preparedness, many also respond that they do not know what routines they have. This is worrying in itself. Our advice to companies is to spend more time understanding the threat landscape around them and conducting a risk analysis. What are the company’s ‘crown jewels,’ the values we must protect at all costs? And how can we best secure these values with the resources we have available? Asking these questions is a very good start,” says Kronen.
