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Sweden Cybersecurity Market

Swedish cybersecurity has ample opportunities for US companies in application security, identity and access, situational awareness and system recovery. 

Sweden is one of the most well connected countries in the world with over 98 percent of the population having access to Internet. With the growing number of connected devices and online activity, reported instances of cybercrime are on the rise. According to a recent survey by Sophos, some 60% of Swedish organizations that participated were hit with ransomware attacks in 2019, and a majority paid to get their information back, mainly due to insufficient cyber insurance.  Due to the COVID19 pandemic, a majority of businesses and organizations moved to teleworking. Proofpoint has since surveyed 150 Swedish companies on their teleworking security policy and the results showed that despite extra security policies and training there was a notable increase in phishing attempts and cyber attacks against gaming sites since teleworking started.  

In June 2019, the Cooperation Group for Information Security, SAMFI, provided the government an Action Plan for Cyber and Information security for 2019-2022.  The authorities that cooperate in SAMFI include the following: Swedish Civil Contingencies Agency (MSB), Swedish Post and Telecom Agency (PTS), Swedish National Defense Radio Establishment (FRA), Swedish Security Service (SÄPO)/Swedish Criminal Investigation Service (RKP), Swedish Defense Materiel Administration (FMV)/Swedish Certification Body for IT Security (CSEC) and Military Intelligence and Security Service (MUST).  The action plan has the following six priority areas: 

1. securing a systematic and comprehensive approach in cybersecurity efforts; 
2. enhancing network, product, and system security; 
3. enhancing capability to prevent, detect, and manage cyberattacks and other IT incidents; 
4. increasing the possibility of preventing and combating cybercrime; 
5. increasing knowledge and promoting expertise; and 
6. enhancing international cooperation. 

In 2018, a new law on IT security for seven societally important sectors came to effect and it stipulates the operators must take appropriate security measures to protect the networks and report serious incidents to the relevant national authority. The sectors include: (1) energy, (2) transportation, (3) banking operations, (4) financial infrastructure, (5) healthcare, (6) drinking water supply, and (7) digital infrastructure.  

Leading Sub-Sectors 

  • Application Security: vulnerability assessment and analysis tools, patch management software, content filtering and monitoring software; 
  • Identity and Access Based Services: intrusion detection systems, authentication systems; anomaly detection & prevention systems, messaging security, access management systems; 
  • Situational Awareness: Deep & Dark Web investigation services, attack trend analysis services, intrusion response services; 
  • System Recovery and Data Cleansing: automated data cleansing tools, validation and verification tools, de-duplication software. 

The public sector and critical infrastructure sectors (transportation, energy, and communications) account for roughly 30 percent of  the cybersecurity solutions demand. Investments in cybersecurity are expected to continue to grow in 2020 due to both an overall increase in IT security awareness and the disruptions caused by COVID19.   

Legacy manufacturing companies are in the process of digitalizing parts of their production with increased systems’ integration, connected devices, and both raw and analyzed data moving to cloud-based platforms. Industrial cybersecurity has a wider scope than traditional IT security, as it involves the company’s products and production processes with sensitive IPR information.  Demand for applications such as enhanced Industrial Control Systems (ICS) capabilities and operational technology (OT) security platforms is increasing.   

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