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News from INVL Technology managed companies: NRD Cyber Security revenue grew 66% in 2021
Cybersecurity consulting and technology development company NRD Cyber Security reported revenue of EUR 5.37 million in 2021, an increase of 66 % compared to 2020 revenue of EUR 3.23 million.
According to the audited data, NRD Cyber Security also generated a net profit of EUR 603,000 last year, an increase of 88 % compared to EUR 321,000 in the same reporting period in 2020. Also operating in this area is NRD Bangladesh Ltd, control of which NRD Cyber Security assumed at the end of 2021.
NRD Cyber Security has successfully continued to work on various international projects as well as sign new contracts. The company has not only completed establishing Cybersecurity Incident Response Team (CSIRT) for the Central Bank of Egypt, but also deployed a threat monitoring platform CollectiveSight, which has been developed by NRD Cyber Security key engineers and will enable the bank centrally to monitor and detect cyber threats. For the Central Bank of Nigeria NRD Cyber Security has created an integrated cybersecurity centre for the financial sector as well as deployed a system which deals with cybersecurity threats, information processing and dissemination.
Sales revenue in Lithuanian market grew by 80 % during 2021, showcasing not only the growing demand for cybersecurity products and services in the country, but also organisational capabilities to utilise the upcoming opportunities. The organisation has strengthened its position in security as a service provider category. CyberSOC is provided to organisations of various scope, size, and nature – banks, manufacturers, international organisations, and public sector institutions.
NRD Cyber Security's total investment in research and experimental development (R&D) at the end of 2021 amounted to EUR 3 million, of which EUR 1.7 million was financed by the European Union, with the remaining amount coming from the company's own funds. In 2021 alone, EUR 1.2 million was allocated for this purpose, of which EUR 700,000 was European Union funding and the remainder the company's own funds.
One of its R&D products, CollectiveSight, is a centralised cybersecurity monitoring and threat hunting platform. The platform is intended to be deployed in sectorial or national critical infrastructures, set-up for central management and incident handling as well as threat hunting from sectorial or national CSIRT.
The platform has already been successfully commercialised – it has been deployed in the Central Bank of Egypt and in the critical information infrastructure of Bangladesh and some EU countries.
Another significant NRD Cyber Security product is CyberSet. The product is aimed for small IT service providers around the world wishing to provide managed security services. CyberSet is a set of automated processes integrating typical security operational functions. This product will significantly lower the entry threshold for new Managed Security Service Providers (MSSPs) into different national markets, allowing them to start as MSSPs in a short period of time without much investment.
According to Vilius Benetis, NRD Cyber Security director, the growth of the company has been fuelled by its focus on establishing and modernising cybersecurity teams and supplying them with centralised threat monitoring tools as well as providing managed security services to organisations of various scope and size.
About NRD Cyber Security
NRD Cyber Security is a company providing cybersecurity consulting, security incident response and technology implementation and development services. It aims to create secure digital environments for countries, governments, and businesses, and undertakes a wide range of projects around the world. The company is managed by INVL Technology, a Nasdaq Vilnius-listed IT investment company.
The person authorized to provide additional information:
Kazimieras Tonkūnas
INVL Technology Managing Partner
E-mail k.tonkunas@invltechnology.lt
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