Telia report outlines how companies can buckle up to face security threats
Released today, Telia’s “Buckle Up” report outlines the future of digital security. It finds that, despite cyberattacks increasing by 466% over the past year, as of Q1 2024, only 37%* of companies were ready to deal with an attack. Based on best practices from mature organizations, the report outlines five actions for those who have fallen behind, based on the key insight that processes and technology are no longer the weak spots. Instead, it’s the hackable human who’s now the prime target for attacks.
Based on internal and external insights Telia’s report investigates the current state of digital security, outlining the key security challenges and providing guidance on how organizations that have lagged behind can overcome them.
Patrik Hofbauer, Telia Company President and CEO, says: “The threat landscape is evolving rapidly, with cyberattacks becoming more sophisticated and frequent. While technology is essential, it’s not enough. The weakest link in any security chain is often the human element. Our research has highlighted the critical need for organizations to invest not only in security and infrastructure, but also in employee training and awareness programs to create a successful security culture.
“Most companies are not properly prepared for attacks that will inevitably come, which means they’re operating in a digital landscape without the necessary safeguards. That’s like driving a car without a seatbelt – a risky gamble that could have devastating consequences. Just as we invest in safety features to protect ourselves on the road, we must invest in robust security measures to protect our businesses from cyber threats.”
Despite cyberattacks in the Nordics increasing by 466% between Q1 2023 and Q1 2024, only 37% of companies have solutions in place to respond effectively when a cyberattack occurs, and 71%* say that they don’t have solutions in place for service recovery after an attack. A study by McKinsey also projects that global costs related to cybercrime will reach USD 101.5 billion by 2025, with social engineering attacks being a significant driver. These attacks, which exploit human psychology to trick individuals into revealing sensitive information or granting unauthorized access, account for 98% of all cyberattacks.
Telia’s report concludes that three key factors have turned people into companies’ largest liability – and that AI has accelerated the urgency. Firstly, adoption of AI tools has exploded but many employees use them without caution, which creates a playground for cybercriminals. Secondly, AI has made it easier to create and distribute phishing emails at a rapid pace, with room for even more personalization. Thirdly, the lines between personal and professional life have blurred, and it’s easier than ever for criminals to have AI tools harness our hobbies, preferences, and whereabouts through social media and use social engineering strategies to trick employees.
To get employees ready for what’s to come, Telia’s report outlines five cultural patterns that resilient organizations tend to have in common and that other companies should try to replicate.
- Cultivate psychological safety by creating an environment where employees feel safe to report security incidents and discuss concerns without fear of retribution.
- Increase awareness and vigilance through education and fostering a sense of “mild paranoia”, ensuring that every employee treats security as a core business priority.
- Simplify security practices by integrating them seamlessly into daily operations, making it easy for employees to follow best practices without additional effort.
- Incorporate diverse perspectives by engaging a broad range of expertise, from behavioral scientists to ethical hackers, to identify and mitigate potential security blind spots.
- Commit to continuous learning by treating cybersecurity as an ongoing process, using real-life examples, regular training, and simulations to keep security top of mind for all employees.
Essentially, it all boils down to getting leadership on board by explaining the benefits of doing so, and then making it safe, easy and engaging for employees to get onboard with security so that they can help co-create a resilient security culture within the organization.
About the report
Buckle Up is based on a mixed research methodology that combines primary, quantitative and qualitative data from multiple sources. The research was done during the spring in 2024. Sources include 13 in-depth interviews with security experts at large enterprises and organizations across various industries in the Nordics and Baltics, 9 in-depth interviews with cyber- and digital security experts, roundtable gatherings with 15+ cross-functional specialists within Telia, data and insights from leading industry reports and articles and data from the Telia Digital Index 2024.
*Telia Digital Index 2024
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