Cybersecurity Capabilities in High Demand in Sweden

Dennis Scheff is the market adviser for cybersecurity at Enterprise Ireland Nordics. Based in Stockholm, he works closely with Irish companies in the sector, connecting them with opportunities across the Nordics

The Swedish cybersecurity landscape is poised for significant advancements and challenges. The growing complexity of cyberattacks, particularly on essential infrastructure like energy, manufacturing, financial, and public services, is a major concern. According to the Swedish National Coordination Centre for cybersecurity research and innovation, Sweden’s vital services are undergoing an advanced digital transformation. However, information and cybersecurity efforts are lagging, leaving society increasingly vulnerable to these cyber incidents and creating a gap for international expertise to support the industry.

One recent example highlighting this vulnerability occurred in January 2024, when a ransomware attack on Tietoevry’s data centers in Sweden disrupted several businesses across a wide range of sectors, including Granngården, Filmstaden, and Systembolaget. Used by thousands daily, any disruption to these businesses and their services has a significant negative impact, with Swedish consumers finding not only their routines but their personal information at the mercy of the attackers as some effected businesses are forced to close while stolen data was held at ransom. These incidents underscore the critical need for enhanced cybersecurity. 

Artificial Intelligence is set to play a dual role in the cybersecurity landscape. While AI can bolster security through advanced threat detection and response capabilities, it also introduces new risks as cybercriminals exploit AI for more sophisticated attacks. Following the global trend, Sweden is a top target for AI-driven cybersecurity threats. One notable example is the rise of sophisticated phishing campaigns that use AI to create highly convincing fake emails and messages, making it difficult for individuals and organizations to distinguish between legitimate and malicious communications. Another significant threat involves the use of deepfakes, where AI-generated videos or audio recordings are used to impersonate executives or other trusted individuals to manipulate or deceive targets. There have been instances of AI being used to automate and enhance ransomware attacks, increasing their frequency and effectiveness. For example, AI algorithms can quickly identify and exploit vulnerabilities, making it easier for attackers to deploy ransomware and demand payments.

To address evolving threats, the European Union has introduced the Digital Operational Resilience Act (DORA), effective January 2025, which aims to strengthen IT security across financial institutions. In Sweden, the implementation of DORA will require financial institutions and other affected sectors to significantly enhance their cybersecurity measures and operational resilience. This regulatory shift is particularly relevant given the size and diversity of Sweden’s financial sector. As of 2024, Sweden has over 120 banks, including commercial, savings, and cooperative banks. The so-called big four are Swedbank, Svenska Handelsbanken, Nordea, and SEB. The introduction of DORA will drive demand for advanced ICT risk management solutions, third-party risk management services, and compliance support.

Given outlined challenges, there is a pressing need for robust cybersecurity measures to protect Sweden’s critical infrastructure and services. This situation presents an opportunity for Irish companies specializing in cybersecurity solutions, network security, data protection, and cyber incident response to collaborate with Swedish counterparts. By leveraging their expertise, Irish companies can play a pivotal role in strengthening Sweden’s cybersecurity landscape, ensuring a safer and more resilient digital future.

If you are looking to better understand the cybersecurity landscape in the Nordics and discover new relevant opportunities for your business, do not hesitate to get in touch with Dennis Scheff, Market Adviser with Enterprise Ireland Nordics at dennis.scheff@enterprise-ireland.com.