Market Trends of Nordics Cybersecurity Industry
This section covers the major market trends shaping the Nordics Cybersecurity Market according to our research experts:
Initiatives Taken by Government on Cyber Security drives the Market Growth
- The government represents the highest level of cybersecurity management within the region. They are responsible for providing political guidance and strategic security guidelines and making the required decisions regarding the resources and prerequisites to be allocated. All Nordic countries have a national Computer Security Incident Response Team (CSIRT) and have established international partnerships to share incident data.
- The Nordic Region's primary countries implement antithetical strategies for designing and developing an ICT infrastructure. Sweden, Finland, and Iceland highlight human rights as fundamental rights and intend to establish a well-functioning ICT infrastructure to promote freedom of speech. To make sure that digital solutions and services for their citizens are reliable and safe, the governments of Norway and Denmark took opposite approaches.
- The governments of Sweden, Norway, and Finland are working together to implement 5G networks ahead of Europe. Denmark has also just released its plan for rolling out 5G to help and speed up the digitization of businesses, especially for IoT automated production and smart transportation.
- According to a new risk assessment study by the Norwegian National Security Authority (NSA), Russia's ongoing invasion of Ukraine can potentially increase cyber assaults against public and commercial organizations in Norway.
- To overcome these attacks, the country is making significant strides to strengthen the country's cybersecurity space. For instance, in August this year, the Norwegian government approved an additional NOK 200 million (USD 21 million) in funding to strengthen national security against digital threats. The government provided NOK 392 million in special financing to strengthen the cyber defense capabilities of the Norwegian Defense Forces (NDF) and state national security organizations with national cyber defense tasks.
- Denmark's government increased its cyber and information security efforts via the 2018-2023 Defense Agreement by investing DKK 1.4 billion (USD 200 million) in cyber and information security over the next few years to include better protection against cyberattacks by expanding the Centre for Cyber Security's sensor network for authorities and businesses.
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Manufacturing is One of the Factor for Market Growth
- As the manufacturing sector progresses toward a digital transformation, it has become vulnerable to cyberattacks with the advent of Industry 4.0. Thus, the industry needs companies to realign their security systems.
- The benefits of advanced online systems make manufacturing organizations more vulnerable to cyber dangers.
- Every sector in the manufacturing industry, including automotive, logistics, various engineering disciplines, power systems, the consumer goods industry, and chemicals, has adopted digital technologies to increase overall operational efficiency and reduce production costs. M2M communication and networking have been on the rise due to industries working toward data collection and using it for analytics to avoid downtime and keep the manufacturing industry operational round the clock.
- This year, Sweden has a robust and profitable manufacturing and industrial engineering sector, which accounts for nearly 20% of the country's GDP (USD 125 billion), with advanced manufacturing accounting for roughly 40% of the total. The sector accounts for 75% of Swedish exports and employs over one million people.
- According to a Checkpoint analysis, the average weekly attacks in the manufacturing sector will have increased 41% by the end of the previous year.This helped the manufacturers understand the types of cyber security threats and how to create efficient workflows for alert triage, incident response, and threat hunting.
- As the war in Ukraine goes on and Finland tries to join the North Atlantic Treaty Organization, the Finnish government plans to use a voucher system in August to help companies pay for better cybersecurity.
- The vouchers would provide small and medium-sized businesses and organizations up to 15,000 euros (about 15,000 USD). Larger companies may be eligible for vouchers worth up to 100,000 euros (around 100,000 USD). According to a Finnish Ministry of Transport and Communications official, higher-value vouchers may cover 70% of a cybersecurity initiative, with corporations responsible for the remaining 30%.
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