Telenor Establishes New Cyber Security Company with Nordic Ambitions

/EIN News/ -- 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