Telia has identified key challenges in ensuring a secure digital environment for enterprises, highlighting that the growing use of AI technology has heightened the risk of cyberattacks on businesses.
Patrik Hofbauer, Telia Company President and CEO, said, “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.”
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He emphasized that many companies are inadequately prepared for inevitable cyberattacks, and are operating in a digital landscape without essential safeguards. Hofbauer also compared this situation to driving a car without a seatbelt, describing it as a risky gamble with potentially devastating consequences. He urged that, just as people invest in safety features for road protection, businesses must also invest in robust security measures to defend against cyber threats.
The report also highlighted the increase in cyberattacks in the Nordics, which surged by 466% from Q1 2023 to Q1 2024; however, only 37% of companies have implemented effective response solutions to curb attacks. Additionally, 71% of firms lack recovery solutions for services following an attack.
Social Engineering Attacks at the Forefront
A study by McKinsey forecasts that global costs associated with cybercrime will reach USD 101.5 billion by 2025, largely driven by social engineering attacks. These types of attacks, which manipulate human psychology to deceive individuals into disclosing sensitive information or providing unauthorized access, represent 98% of all cyberattacks.
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Telia’s report identified three key factors that have transformed individuals into companies’ biggest liability, noting that the urgency has intensified with the advent of AI. Firstly, the rapid adoption of AI tools has led many employees to use them recklessly, creating opportunities for cybercriminals.
Secondly, AI has streamlined the creation and distribution of phishing emails, allowing for faster and more personalized attacks. Finally, the blurring of personal and professional boundaries makes it easier for criminals to exploit employees by leveraging AI tools to gather information about their hobbies, preferences, and locations through social media, facilitating social engineering strategies.
To address these threats and enhance resilience against attacks, Telia has urged enterprises to foster “continuous learning” by implementing regular training and simulations while also incorporating “diverse perspectives” from behavioral scientists and ethical hackers.
