Digital sovereignty is moving off the IT compliance list and onto the board's risk agenda. Vivicta's Nordic Digital Sovereignty Survey 2026, published on 22 September, finds that seven in ten organisations expect to increase their sovereignty investment over the next twelve months, while fewer than three in ten are confident they control their critical data.

Not long ago, the CIO of a large Swedish company told Vivicta's CEO Satu Kiiskinen what his single highest priority was. It was knowing where the company's business-critical data actually sits. He knew a moment would come when the executive team and the board would ask him that question, and he wanted the answer ready.

The question stopped being technical

Digital sovereignty means an organisation's ability to retain control and decision-making authority over its critical data, systems and operational continuity, including when the operating environment changes.

The definition might sound like an IT matter. According to Kiiskinen, that is precisely the problem. In executive teams and boardrooms the subject is still treated too often as a compliance and technology question. Her own view is different: this is first and foremost about business continuity, risk management and the capacity to keep operating when conditions shift.

“It’s clear that sovereignty has become an increasingly important priority in the current geopolitical environment. Digital sovereignty has become a leadership priority linked to business continuity and risk management, and it’s no longer seen as just a compliance issue”
Satu Kiiskinen
Satu KiiskinenCEO, Vivicta

The gap is not in the budget

The survey, run by Vivicta in collaboration with the research company Kairos Future, drew 320 senior decision-makers and key advisers in Finland, Sweden and Norway between June and July 2026. All worked in organisations employing more than 500 people.

The findings describe a subject that is recognised but not yet governed:

  • 70 per cent expect sovereignty-related investment to increase over the next 12 months.

  • 46 per cent have a formal, explicit sovereignty strategy.

  • 29 per cent strongly believe they control their critical data to a sufficient standard.

This, Kiiskinen says, is the most interesting result in the dataset. The subject is recognised, it is discussed, and organisations are willing to put money behind it. The capability still does not match the ambition. A gap has opened between intent and execution.

For a board, that is a familiar situation in unfamiliar clothing: an investment decision is coming up on a matter that too often has no strategy, no named owner and no metric.

Finland invests most. Sweden is further ahead on strategy.

Seventy-four per cent of Finnish organisations plan to increase investment, more than in Norway (69 per cent) or Sweden (68 per cent). On strategy the order reverses: a formal sovereignty strategy exists at 53 per cent of Swedish organisations, 44 per cent of Finnish ones and 39 per cent of Norwegian ones.

On control of critical data, Finland leads the comparison at 35 per cent, with Sweden and Norway at 26 per cent. Finland is ahead of its Nordic peers, and still only one Finnish organisation in three strongly believes it has sufficient control of its critical data.

Sweden, Kiiskinen notes, put sovereignty on the table some time ago. The CIO in the opening example represents that stage: the question is no longer whether the subject matters, but whether the organisation can answer when asked.

The opportunity is competitiveness.

Kiiskinen does not frame the subject as a threat. She sees it primarily as an opportunity to strengthen an organisation's resilience and competitiveness, and, ultimately, shareholder value.

Artificial intelligence connects to this directly. When the AI conversation runs hot and business benefits are wanted quickly, control of data determines whether AI can be adopted in a governed way, with risks identified in advance rather than reconstructed afterwards. Twenty-seven per cent of respondents rank AI, data use and control of decision-making among their most important sovereignty priorities. Seventeen per cent see AI as a new obstacle to data control.

On the risk side, Kiiskinen names one above the others: excessive dependency on individual providers.

Respondents agree. Dependency on external service providers tops the entire list of obstacles at 28 per cent. Cost and the complexity of an organisation's own environment follow at 23 per cent each, vendor lock-in at 16 per cent, and the absence of a strategy, owner or governance model at 14 per cent.

Dependency is rarely anyone's decision. It accumulates. Each individual choice was defensible at the time, and the result is a structure no one designed. It becomes visible only when something has to change quickly.

Full control is not the goal

Kiiskinen is careful not to overstate what the survey shows.

Complete sovereignty across every system is neither realistic nor the point, Kiiskinen says. What matters is distinguishing what is business-critical from what is not. The organisations that find a sensible balance are the ones that find resilience when conditions change

The data supports her. Only 8 per cent of respondents consider standard or global cloud sufficient for all critical workloads, and exactly the same share require full national sovereignty with elevated security. Everyone else sits somewhere in between. Seventeen per cent have not assessed the question at all.

“Ultimately, sovereignty is about freedom of action: the ability to remain in control when technology, suppliers or circumstances change. Organisations that find the right balance will be better positioned to innovate, grow and manage risk simultaneously”
Satu Kiiskinen
Satu KiiskinenCEO, Vivicta

What the board should ask

Kiiskinen does not present this as an easy topic for a board. The natural route onto the agenda, she says, runs through the audit committee, as part of risk management and business continuity. That does not mean it stays there. The whole board needs to take an interest.

Five questions a board can put to management at its next meeting:

  1. Do we share a view of which data is business-critical to us?

  2. Which systems are business-critical, and do we understand the difference between the two?

  3. Where does our business-critical data actually reside, and how is it governed?

  4. Who has access to it?

  5. To what extent are our data, systems and decision-making genuinely under our own control, and which part of our preparedness is an assumption rather than something tested?

None of these requires technical expertise to ask. On the evidence of this survey, many organisations would struggle to answer them.

Which leaves one question on the table, and it belongs to the board rather than to IT: are boards challenging management hard enough, before the next disruption reveals the real state of their readiness?

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Leaders

A new item for the board agenda: seven in ten are investing, three in ten are in control

A new item for the board agenda: seven in ten are investing, three in ten are in control

Commercial partnership:

·

5 min read

Credit: Vivicta

Credit: Vivicta

Digital sovereignty is moving off the IT compliance list and onto the board's risk agenda. Vivicta's Nordic Digital Sovereignty Survey 2026, published on 22 September, finds that seven in ten organisations expect to increase their sovereignty investment over the next twelve months, while fewer than three in ten are confident they control their critical data.

Not long ago, the CIO of a large Swedish company told Vivicta's CEO Satu Kiiskinen what his single highest priority was. It was knowing where the company's business-critical data actually sits. He knew a moment would come when the executive team and the board would ask him that question, and he wanted the answer ready.

The question stopped being technical

Digital sovereignty means an organisation's ability to retain control and decision-making authority over its critical data, systems and operational continuity, including when the operating environment changes.

The definition might sound like an IT matter. According to Kiiskinen, that is precisely the problem. In executive teams and boardrooms the subject is still treated too often as a compliance and technology question. Her own view is different: this is first and foremost about business continuity, risk management and the capacity to keep operating when conditions shift.

“It’s clear that sovereignty has become an increasingly important priority in the current geopolitical environment. Digital sovereignty has become a leadership priority linked to business continuity and risk management, and it’s no longer seen as just a compliance issue”
Satu Kiiskinen
Satu KiiskinenCEO, Vivicta

The gap is not in the budget

The survey, run by Vivicta in collaboration with the research company Kairos Future, drew 320 senior decision-makers and key advisers in Finland, Sweden and Norway between June and July 2026. All worked in organisations employing more than 500 people.

The findings describe a subject that is recognised but not yet governed:

  • 70 per cent expect sovereignty-related investment to increase over the next 12 months.

  • 46 per cent have a formal, explicit sovereignty strategy.

  • 29 per cent strongly believe they control their critical data to a sufficient standard.

This, Kiiskinen says, is the most interesting result in the dataset. The subject is recognised, it is discussed, and organisations are willing to put money behind it. The capability still does not match the ambition. A gap has opened between intent and execution.

For a board, that is a familiar situation in unfamiliar clothing: an investment decision is coming up on a matter that too often has no strategy, no named owner and no metric.

Finland invests most. Sweden is further ahead on strategy.

Seventy-four per cent of Finnish organisations plan to increase investment, more than in Norway (69 per cent) or Sweden (68 per cent). On strategy the order reverses: a formal sovereignty strategy exists at 53 per cent of Swedish organisations, 44 per cent of Finnish ones and 39 per cent of Norwegian ones.

On control of critical data, Finland leads the comparison at 35 per cent, with Sweden and Norway at 26 per cent. Finland is ahead of its Nordic peers, and still only one Finnish organisation in three strongly believes it has sufficient control of its critical data.

Sweden, Kiiskinen notes, put sovereignty on the table some time ago. The CIO in the opening example represents that stage: the question is no longer whether the subject matters, but whether the organisation can answer when asked.

The opportunity is competitiveness.

Kiiskinen does not frame the subject as a threat. She sees it primarily as an opportunity to strengthen an organisation's resilience and competitiveness, and, ultimately, shareholder value.

Artificial intelligence connects to this directly. When the AI conversation runs hot and business benefits are wanted quickly, control of data determines whether AI can be adopted in a governed way, with risks identified in advance rather than reconstructed afterwards. Twenty-seven per cent of respondents rank AI, data use and control of decision-making among their most important sovereignty priorities. Seventeen per cent see AI as a new obstacle to data control.

On the risk side, Kiiskinen names one above the others: excessive dependency on individual providers.

Respondents agree. Dependency on external service providers tops the entire list of obstacles at 28 per cent. Cost and the complexity of an organisation's own environment follow at 23 per cent each, vendor lock-in at 16 per cent, and the absence of a strategy, owner or governance model at 14 per cent.

Dependency is rarely anyone's decision. It accumulates. Each individual choice was defensible at the time, and the result is a structure no one designed. It becomes visible only when something has to change quickly.

Full control is not the goal

Kiiskinen is careful not to overstate what the survey shows.

Complete sovereignty across every system is neither realistic nor the point, Kiiskinen says. What matters is distinguishing what is business-critical from what is not. The organisations that find a sensible balance are the ones that find resilience when conditions change

The data supports her. Only 8 per cent of respondents consider standard or global cloud sufficient for all critical workloads, and exactly the same share require full national sovereignty with elevated security. Everyone else sits somewhere in between. Seventeen per cent have not assessed the question at all.

“Ultimately, sovereignty is about freedom of action: the ability to remain in control when technology, suppliers or circumstances change. Organisations that find the right balance will be better positioned to innovate, grow and manage risk simultaneously”
Satu Kiiskinen
Satu KiiskinenCEO, Vivicta

What the board should ask

Kiiskinen does not present this as an easy topic for a board. The natural route onto the agenda, she says, runs through the audit committee, as part of risk management and business continuity. That does not mean it stays there. The whole board needs to take an interest.

Five questions a board can put to management at its next meeting:

  1. Do we share a view of which data is business-critical to us?

  2. Which systems are business-critical, and do we understand the difference between the two?

  3. Where does our business-critical data actually reside, and how is it governed?

  4. Who has access to it?

  5. To what extent are our data, systems and decision-making genuinely under our own control, and which part of our preparedness is an assumption rather than something tested?

None of these requires technical expertise to ask. On the evidence of this survey, many organisations would struggle to answer them.

Which leaves one question on the table, and it belongs to the board rather than to IT: are boards challenging management hard enough, before the next disruption reveals the real state of their readiness?

Vivicta is a Nordic digital transformation partner. The Nordic Digital Sovereignty Survey 2026 is a research initiative by Vivicta, conducted in collaboration with Kairos Future in June–July 2026. Respondents: 320 — Finland 108, Norway 107, Sweden 105 — all senior decision-makers or key advisers in organisations employing more than 500 people.

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Built for Nordic listed company boards.

The only programme in the Nordics designed specifically for listed-company board work.
Five sessions, one cohort, twenty leaders in one room - Helsinki, 2026.

Authors

Founder and ceo

Helene Auramo is a co-founder of Listeds and Nordic Listed Leaders. She has previously co-founded Slush, Indiedays, Zipipop, and Okimo Clinic, building ventures at the intersection of media, technology, and community. She holds board positions at the Finnish Business School Graduates (Suomen Ekonomit) and Finnvera, and serves as Chair of the Investment Committee at the Finnish Business School Graduates. Helene is also a columnist for Talouselämä, Finland’s leading business magazine, and Aamulehti, one of the country’s largest newspapers. Her work focuses on leadership, growth, and the structures that shape decision-making in Nordic companies. She was awarded Future Board Member of the Year in 2022 by Future Board.

Founder and ceo

Helene Auramo is a co-founder of Listeds and Nordic Listed Leaders. She has previously co-founded Slush, Indiedays, Zipipop, and Okimo Clinic, building ventures at the intersection of media, technology, and community. She holds board positions at the Finnish Business School Graduates (Suomen Ekonomit) and Finnvera, and serves as Chair of the Investment Committee at the Finnish Business School Graduates. Helene is also a columnist for Talouselämä, Finland’s leading business magazine, and Aamulehti, one of the country’s largest newspapers. Her work focuses on leadership, growth, and the structures that shape decision-making in Nordic companies. She was awarded Future Board Member of the Year in 2022 by Future Board.

Authors

Founder and ceo

Helene Auramo is a co-founder of Listeds and Nordic Listed Leaders. She has previously co-founded Slush, Indiedays, Zipipop, and Okimo Clinic, building ventures at the intersection of media, technology, and community. She holds board positions at the Finnish Business School Graduates (Suomen Ekonomit) and Finnvera, and serves as Chair of the Investment Committee at the Finnish Business School Graduates. Helene is also a columnist for Talouselämä, Finland’s leading business magazine, and Aamulehti, one of the country’s largest newspapers. Her work focuses on leadership, growth, and the structures that shape decision-making in Nordic companies. She was awarded Future Board Member of the Year in 2022 by Future Board.

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Investor Event

Listeds Investor Event · Defence

Nordic defence is in a once-in-a-generation growth cycle. Eight listed and pre-IPO companies pitch to 100+ invited investors at Valkoinen Sali, Helsinki

21 September 2026

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Market Signals

Finnish consumers see the national recovery, but not yet in their own finances

Sep 29, 2026

Consumer confidence in Finland slipped in September, ending a three-month climb from April's low. Beneath the headline figure, a sharper pattern is forming. Households now rate Finland's prospects at their long-term average, while their view of their own past year remains well below pre-2022 levels, and the lowest earners are still losing purchasing power.

The consumer confidence indicator stood at 4.9 below zero in September, down from 3.0 below zero in August. August had been the strongest reading since February 2022. The long-term average since 1995 is 2.9 below zero. The indicator has now been below zero for 55 consecutive months, every month since March 2022. 

The rebound itself was fast. In April the indicator sat at 12.5 below zero, and by August it had recovered 9.5 points. September's dip is small, and one month does not make a reversal. What matters more is which parts of the survey carried the recovery, and which did not.

Consumer confidence indicator (CCI, A1)

2016M09–2026M09

Balance figure
-20-10010202017201820192020202120222023202420252026
Source: Statistics Finland, consumer confidence
Updated: 28/09/2026

The national outlook has recovered 18 points since April, the household view far less

Most of the improvement since April's low has come from how consumers see Finland. The national outlook accounts for about 60 per cent of the indicator's 7.6-point rise. Consumers' view of their own past year has moved far less.

Expectations for Finland's economy over the next 12 months improved from a balance of 23.2 below zero in April to 4.7 below zero in September, which is on its long-term average level. Between March 2022 and August 2026, the same measure averaged 16.9 below zero.

Households' assessment of their own finances tells a different story. The balance for own economy now stood at 1.9 below zero in September, against an average of 4.9 above zero in the five and a half years before March 2022. Expectations for one's own economy in 12 months fell to 5.8 from 8.1 in August, short of the pre-2022 average of 9.8. Twenty-eight per cent of consumers said their finances were worse than a year earlier, while 25 per cent said better.

Consumers' views concerning their own and Finland's economy

2016M09–2026M09

Balance figure
-40-20020402017201820192020202120222023202420252026
Source: Statistics Finland, consumer confidence
Updated: 28/09/2026

The gap follows income, not prices

Labour Institute for Economic Research Labore estimates that purchasing power in the bottom income decile will decline by 3.5 per cent this year, while the top decile gains 2.2 per cent. Between 2023 and 2026, the difference in purchasing power growth between the two groups will exceed 16 percentage points, with renters and single parents facing the weakest outlook. Senior researcher Milla Nyyssölä attributes the split to "different income trajectories" rather than prices.

Labore describes this as unusual by historical standards. Even in the growth years after Finland's 1990s recession, when income growth varied widely between groups, purchasing power in the lowest decile did not fall.

The confidence survey shows the same fault line. Upper-level salaried employees posted a confidence reading of 1.1 above zero in September, while the unemployed stood at 13.1 below zero and pensioners at 11.5 below zero. Greater Helsinki recorded 2.4 below zero and Eastern Finland 10.7 below zero. Women's reading of 7.4 below zero remained well under men's 2.4 below zero.

Job security is part of the explanation. Among employed consumers, 27 per cent felt their personal risk of unemployment or lay-off had increased, and only 5 per cent felt it had lessened (Statistics Finland). Price pressure has not eased either: consumers estimated inflation at 4.9 per cent over the past year and expect 4.1 per cent over the next.

Durable spending sentiment has been negative for 55 months, yet car and loan plans run above usual

The balance for whether now is a good time to buy durable goods stood at 13.0 below zero in September. It has been below zero every month since March 2022, after averaging 19.2 above zero in the preceding five and a half years. Only 15 per cent of consumers considered the time favourable for expensive purchases, and 37 per cent planned to cut spending on durables over the next year, against 13 per cent planning to increase it.

The exception is big-ticket purchases. Seventeen per cent of consumers were definitely or possibly planning to buy a car within 12 months, and 19 per cent planned to take out a loan, both clearly more than usual according to Statistics Finland . The published figures do not show which households hold those plans. One reading fits Labore's data: the top income decile is gaining purchasing power this year, and those households are best placed to finance a car. The other is that some borrowing plans reflect strain rather than confidence. The data cannot yet separate the two. 

Consumers' intentions to spend money on durable goods

2016M09–2026M09

Balance figure
-40-20020402017201820192020202120222023202420252026
Source: Statistics Finland, consumer confidence
Updated: 28/09/2026

For consumer-facing companies on Nasdaq Helsinki, that uncertainty is itself the finding. September's survey describes a recovery in expectations, not yet in household income, and it is arriving at different speeds for different customers. The signal to watch is whether consumers' view of their own past year starts to follow the national outlook. Until it does, plans built on the Finnish average will be calibrated to sentiment rather than spending power.

Leadership Moves

Tiina Määttä takes LapWall's CFO and legal role as order backlog hits a record high

Sep 28, 2026

LapWall Corporation has named Tiina Määttä as Chief Financial Officer and Legal Officer, one day after announcing the departure of CFO Tuomo Riihonen. Määttä joins the management team on 1 October 2026. She takes over finance at the point where the company's full-year guidance depends on a sharper second half and on a factory ramp-up that has already slipped once.

Riihonen's employment ended on 24 September, the day his exit was announced, with CEO Jarmo Pekkarinen covering the CFO duties in the interim. No reason was given. Seven weeks earlier, Riihonen presented the half-year results alongside Pekkarinen. 

The first half delivered growth, but the guidance needs a margin step-up

LapWall's January to June revenue rose 24.0% to EUR 23.3 million, and EBITA grew 80.1% to EUR 2.0 million. The EBITA margin reached 8.6%, against 5.9% a year earlier. Between quarters, however, the margin moved the other way, falling from 9.5% in the first quarter to 7.9% in the second, although both were ahead of the prior year 

The company kept its guidance for 2026 of EUR 49 to 54 million in revenue and EUR 4.8 to 5.8 million in EBITA. 

Order backlog gives visibility, the Pyhännä factory sets the pace

Demand is not the constraint. The order backlog reached EUR 25.4 million at the end of June, the highest in the company's history, and the offer pipeline stood at nearly EUR 60 million. Pekkarinen pointed to data centre construction as a growing segment, including a supply agreement for XTX Markets' data centre project in Kajaani.

Capacity is the variable. The new Pyhännä factory, LapWall's largest investment to date, was about 95% complete on a cost basis at the end of June. In April, the aim was single-shift production across the whole factory during 2026. By August, the target to meet the investment's production goals had moved to the final quarter of the year, with the company noting that ramp-up remained behind its original schedule. Headcount rose from 127 to 143 over the year to June.

The redesigned role reflects a company scaling towards 2030

LapWall targets revenue of around EUR 100 million and an EBITA margin of 15 to 20% by the end of 2030. The new CFO mandate is built for that trajectory.

"The next phase of LapWall's growth strategy will bring new demands on management. The role of CFO combines financial management, forecasting and knowledge-based management, risk management and, as an important part, legal support for business operations. Tiina's extensive experience in financial, legal and business management, as well as international project business, strengthens the expertise of our management team in these areas. I warmly welcome Tiina to LapWall," says CEO Jarmo Pekkarinen.

Määttä's record fits that brief. She has held finance and legal advisory roles at Talenom and Greenstep, and served as CEO of Kymsol Group and COO of Kymsol, supporting domestic and international project businesses. For a supplier whose revenue is built on project contracts and whose net gearing stood at 60.0% in June, legal oversight of commercial terms sits close to margin protection.

"LapWall has boldly built the foundation for its growth strategy. I look forward to working with the staff, customers and stakeholders. It is great to be able to join a talented group to build LapWall's growth and future together," says Tiina Määttä.

Her first reporting cycle will show how much of the backlog the new factory can convert.

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