Truesec Launches IoT Cybersecurity Domain − Recruits Patrik Axelsson From Telia as CEO

IoT deployments are booming, which means more exposure to the internet for critical infrastructure, yet IoT cybersecurity is consistently set aside in favor of a quick time-to-market and launch. Truesec believes this is the next big security challenge. The company launches an IoT cybersecurity domain and recruits IoT cyber expert Patrik Axelsson as CEO from Telia’s IoT group, Division X.

“I’m incredibly proud that Patrik, as Sweden’s foremost IoT cyber expert, will lead Truesec’s investment in IoT. We see this as the next big security challenge for both organizations and society at large”, says Marcus Murray, founder of Truesec.

Cyber attacks are continuing to increase at a worrying pace globally; at the same time, the adoption of IoT (Internet of Things) continues to lead the way for industry digitalization and transformation. Truesec believes that the demand for security and advisory services within the IoT domain will grow dramatically because of the need to protect critical infrastructure from breach and outage.

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With the number of reported IoT vulnerabilities skyrocketing exponentially in recent years and 57% of already deployed IoT devices being vulnerable to medium- or high-severity attacks, it’s obvious to Truesec that it’s time to act.

IoT Security Today is Neglected

IoT today is seen everywhere, in all industries, and installations are growing at an exceptionally fast pace, expected to surpass almost 20 billion connected IoT devices globally by the end of 2022, a doubling in just a few years. This means that any elevator, digital lock, industrial production line, and other critical infrastructure is already or will be exposed to the internet.

Enterprises deploy IoT solutions to understand how their products are being used and to be able to make data-driven decisions to optimize operational efficiency. While IoT can enable significant business optimization, it certainly comes with risks. IoT security is today remarkably neglected; Truesec wants to contribute to a mindset shift to bring cybersecurity to the top of the IoT and digitalization agenda.

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IoT Expert Patrik Axelsson Appointed CEO of Truesec IoT

Patrik Axelsson has been the Head of Telia’s Division X Global IoT Development for the past four years since the acquisition of his previous IoT company, Axelerate Solutions, where he served as CTO.  He will lead the way for Truesec’s dedicated business unit that focuses exclusively on expertise and services for IoT cybersecurity.

“Throughout my years of experience in building and launching IoT services across industries I have seen closely how security risks consistently are set aside in favor of a quick time-to-market and launch”, says Patrik Axelsson.

“Studies show that 98% of all global IoT traffic partly or fully lacks encryption and only 10% of business leaders who’ve implemented IoT are feeling confident in the security of their solutions. The time to take action is now.”

The commitment to the mission of preventing cyber breach and minimizing impact is at the core. Truesec provides a tailored set of services and advice to support enterprises in building secure and sustainable IoT. Whether the enterprise is new to IoT or has a fully operational global IoT deployment, Truesec works with companies of all sizes in any industry.

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