Telenor, the Norwegian telecom giant, has announced the formation of Telenor Cyberdefence, a new cybersecurity company that will become part of Telenor Amp. This strategic move is in response to the growing frequency and severity of cyberattacks faced by Norwegian businesses and public sector organizations.
Currently, Telenor Amp’s portfolio includes 15 fully or partially owned companies, with a combined value estimated between NOK 10-12 billion.
A recent Norstat survey highlights the urgency of this initiative, revealing that 1 in 5 business leaders in Norway experienced cyberattacks in the past year, impacting approximately 130,000 companies.
“We have never experienced cyber threats as frequent and severe as we do today,” remarked Sigve Brekke, CEO & President of Telenor.
“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 Norway’s strongest security players and is establishing a new cybersecurity company with Nordic ambitions.”
Strategic Response to Cyber Threats
Dan Ouchterlony, EVP & Head of Telenor Amp, emphasized the need for robust digital security amidst the exponential growth of data and digitalization.
“This challenge is being taken seriously by establishing Telenor Cyberdefence, focusing on digital security. This will enable us to develop advanced security products for the business market more rapidly and effectively meet market needs,” he stated.
Leading the new venture is Thomas Kronen, who brings experience in the security and IT industry. Kronen highlighted the significant market need for cybersecurity solutions, with nearly 9 out of 10 business leaders expressing concern over the potential crippling effects of cyberattacks on their operations.
Security Solutions
Telenor Cyberdefence aims to capture a significant share of the market by offering a Security Operations Centre (SOC) for 24/7 monitoring, prevention, detection, and response to cyber threats and incidents. Additionally, the company will provide specialized consultancy services and IT system testing.
The Norwegian SOC market is valued at approximately NOK 3 billion annually, presenting a substantial growth opportunity for Telenor Cyberdefence, which plans to expand across the Nordic region.
Leveraging Established Expertise
Telenor Cyberdefence will leverage Telenor’s established position as a leading provider of digital security solutions. With insights from Norway’s Total Defence and as a custodian of critical national infrastructure, Telenor possesses unique expertise in the evolving threat landscape.
The new company will integrate approximately 50 security personnel from Telenor Norway and will begin operations with around 70 existing SOC customers. This integration reflects Telenor’s commitment to enhancing digital security and meeting the increasing demands of businesses across the Nordic region.
This move follows recent efforts to strengthen Telenor Norway’s internal security environment. The establishment of a new Cyber Security Operation Centre (CSOC) within Telenor Norway will focus on securing the company’s extensive IT and telecom infrastructure, further enhancing security for Telenor, its customers, and Norwegian society.
