Telia outlined the core challenges it faces in maintaining a secure digital environment for enterprises in a new study, revealing the rise of AI technology has increased the risk of cyber attacks targeting businesses.

The operator published 49-page report, based on data it gathered from “multiple sources” including interviews with security executives at large organisations in the Nordics and Baltics, cyber and digital experts, specialists within Telia and insights from external industry articles and studies.

Telia explained that while attacks have increased by 466 per cent in the past year, only 37 per cent of surveyed enterprises were prepared to deal with the breaches as of Q1 2024. Around 71 per cent of organisations stated they do not have the appropriate solutions to recover after an attack.

The research identified three key factors behind the surge in cyberattacks, noting that “AI has accelerated the urgency”. Telia pointed out that “adoption of AI tools has exploded but many employees use them without caution, which creates a playground for cybercriminals”.

AI also makes it easier for hackers to create and distribute personalised phishing emails “at a rapid pace”, as well as exploit employees’ social media footprint and use “social engineering strategies” to later trick and attack their accounts, Telia explained.

The report also cited a McKinsey study which predicted global costs linked to cybercrime will surge to more than $100 billion by 2025, with social engineering strategies being “a significant driver”.

To counter threats and promote resilience against attacks, Telia pushed enterprises to promote “continuous learning” through regular training and simulations and gather “diverse perspectives” from behavioural scientists and ethical hackers.

Patrik Hofbauer, president and CEO at Telia commented: “The weakest link in any security chain is often the human element. Our research has highlighted the critical need for organisations to invest not only in security and infrastructure, but also in employee training and awareness programmes to create a successful security culture.”