In the first half of this year, NRD Cyber Security, a company that offers cybersecurity solutions, consulting, and other services, generated revenue of €3.643 million, 32% more than in the same period in 2023. The company's net profit for the first six months of 2024 reached €507,000, 58% more than in the first half of 2023.
Efforts in Lithuanian market paid off
In the first half of this year, NRD Cyber Security strengthened its position as the market leader in cybersecurity in Lithuania. Compared to the same period last year, revenue from the Lithuanian market grew by 79% in the first half of 2024. With the forthcoming entry into force of the NIS2 Directive, the number of related projects increased during the mentioned period. NRD Cyber Security offers Managed SOC services where cybersecurity analysts 24/7 actively analyse the incoming security events using the most advanced technologies. During the first half of the year, the organisation started to provide Managed SOC services to 5 new customers. In addition, existing customers renewed their contracts for another service delivery cycle. The H2 of 2024 has already started significantly - a major Managed SOC services contract with the Bank of Lithuania and promises new opportunities as activities to expand into new markets have begun.
Natrix and CyberSet help increasing national cyber resilience
Natrix and CyberSet, cybersecurity monitoring and automation products developed by NRD Cyber Security's engineers, continue to be trusted by national cybersecurity teams around the world. In the first half of 2024, NRD Cyber Security experts worked to strengthen the cyber resilience of the Egyptian financial sector: Natrix was deployed in three of Egypt's largest banks, while the cyber incident detection and response platform was upgraded for the financial sector's cybersecurity team, EG-FinCERT. Further projects in other sectors are planned in Egypt during the second half of the year. In addition, with updates to already deployed CyberSet, Malta's Critical Infrastructure Protection Directorate increased its cyber incident response maturity. The second half of 2024 started equally busy for both Natrix and CyberSet, with new opportunities opening up in East Africa, where the Natrix product proof of concept is already in the deployment process. Similarly, projects in the Eastern Caribbean and Bangladesh, where the NRD Cyber Security team has already started working on elements of cyber security capacity building, will require improvements to security operations, providing opportunities for Natrix and CyberSet.
Major cybersecurity projects started in other markets
The organisation has also started several large-scale international projects. NRD Cyber Security experts started working with the Universal Post Union, which is developing an Information Sharing and Analysis Centre (ISAC) to enhance the security of the global postal sector. A project has also been launched in the Eastern Caribbean to set up a cyber incident response team. This team would be available to OECS members Grenada, Dominica, Saint Lucia and Saint Vincent and the Grenadines. A major cross-cutting project with the European Union Agency for Cyber Security (ENISA) to strengthen the cyber resilience of EU countries is also ongoing. NRD Cyber Security experts are assessing the risks and checking the cybersecurity preparedness of the Lithuanian public sector.
Initiatives to increase cyber resilience for nations and organisations
The company's activities are aimed at creating a secure digital environment, and it has implemented various initiatives in Lithuania and abroad to strengthen the cyber resilience of countries and organisations. These include international webinars for security teams on how to strengthen their operations, as well as educational articles and presentations on how organisations can increase their cybersecurity maturity. In addition to the ongoing SOCshare project, which aims to improve the maturity of SOCs operating in the EU, the SOCcare project was launched in the first half of 2024. Its aim is to raise the bar on cyber threat intelligence practices by better analysing and sharing digital artefacts in the Eastern European region and beyond.
About NRD Cyber Security
NRD Cyber Security offers cybersecurity solutions, consulting, and other services. The company creates a secure digital environment for countries, governments, and organisations and implements cybersecurity resilience enhancement projects around the world. NRD Cyber Security heavily focuses on security operation centres capability build-out – the organisation owns two purpose-built cybersecurity technology solutions Natrix and CyberSet which enable centralised threat monitoring and security operation automatization. The company has its own strong security operation capabilities – it provides Managed SOC 24/7 and its cyber incident response team NRD CIRT is a full member of FIRST.org. INVL Technology, an investment company in IT businesses that is listed on Nasdaq Vilnius, manages NRD Cyber Security.
The person authorized to provide additional information:
INVL Technology Managing Partner
Kazimieras Tonkūnas
E-mail k.tonkunas@invltechnology.lt
Attachment
