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Norwegian companies plan Omny, a new software security venture, to combat the risks of cyberattacks

Norwegian companies Telenor, Aker ASA and Cognite say a new software security company they plan to launch this year will help companies protect their industrial assets from the increased risk of cyberattacks following Russia’s invasion of Ukraine.

“More and more (industrial) facilities are getting connected, and then you can add Russia and Ukraine to that,” Telenor CEO Sigve Brekke said, adding that the trend, which accelerated during COVID, “is now moving faster and faster.” . “.

Industrial facilities, control systems, oil pipelines, supply chains, electrical grids and healthcare are key targets, Brekke and CEOs of Aker ASA and Cognite said at the Reuters Global Markets Forum in Davos this week.

“Cyber ​​security is becoming a bigger concern for any company,” said Asa Tamsons, senior vice president and head of technology and new business lines at Ericsson, “as more operations are cloud-based, digital tools are used, and connectivity expands. within enterprises.

John Lerwick, Cognite’s co-founder and director of strategy and development, said the new Omny company will help public and private companies monitor industrial assets to perform optimally while also protecting them from cyberattacks.

According to Lervik, Omny will launch first in Norway in the fall of 2022 and then launch in the Nordic countries next year.

Aker ASA CEO Øyvind Eriksen said the goal is to eventually take Omny global and its founders will be looking for international partners to expand it.

Omny predicts that the OT security market will grow from NOK 94 billion (roughly Rs 75,600 crore) to nearly NOK 470 billion (roughly Rs 3,77,900 crore) in 2030, with software market share estimated at 20 percent to 30 percent.

Carl Karande, head of global consulting at KPMG, told Reuters on Tuesday that the way to mitigate cyber threats is for big tech, governments and industries to work together.

“This constant pursuit of coordination, collaboration and innovation is the key,” Karande said at Davos. “Bad actors can only be right once and cause havoc. Everyone else has to be right all the time.”

© Thomson Reuters 2022

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