The revenue of a cybersecurity consulting and technology development company NRD Cyber Security amounted to 1 million 781 thousand euros in the first three quarters of this year and remained at a similar level compared to the same period last year. Based on unaudited data, the company's EBITDA at the end of the third quarter of this year was 274 thousand euros - 44% more than during the same period last year. During the three quarters of this year, NRD Cyber Security earned 128 thousand euros net profit - during the same period of 2019 the company had earned 100 thousand euros net profit.
NRD Cyber Security actively invests in research and experimental development (R&D). Currently, the company is developing several products for the markets of Africa, Europe, and Asia.
One of the unique products being developed is IntEye - an open source intelligence tool, designed to process complex and voluminous data and accelerate decision-making. Another solution, CySystem, is created to help to monitor cyberspace, quickly detect and alert to network anomalies.
"We are developing these products for critical infrastructure managers and cybersecurity centers around the world. The main purpose of these products is to help automating and standardizing the processes of computer security incident management teams (CSIRT) organizations, focusing on the most important topics of cybersecurity and resilience: monitoring and assessing the state of the security situation, pre-assessment and response, " says Vilius Benetis, CEO of NRD Cyber Security.
During third quarter, NRD Cyber Security has launched a new product, aiming to develop a prototype of CyberSet. The product will be intended for small IT service providers around the world, that also want to provide cybersecurity management services (MSSP). The main purpose of this product is to help IT companies to start providing MSSP services in a short term, by equipping them with a full set of technological and process tools at an affordable price. We believe that this product will contribute to addressing the shortage of cybersecurity service providers.
This product will significantly reduce the entry barrier into the MSSP market and provide a technological suite of software, methods, procedures and information that will allow MSSP to become operational very quickly (in about 60 days) and be several times cheaper than is currently possible with the solutions on the market.
In Lithuania, NRD Cyber Security continues to improve the CyberSOC service. It is a Cyber Security Operations Center (SOC) that is tasked with detecting, assessing, analyzing the threats of cyber-attacks and helping to eliminate incidents. The company technologists are constantly improving this service by automating incident detection, and applying anomaly detection and learning algorithms.
In the third quarter, NRD Cyber Security continued to participate in international projects. One of the most important projects is in Egypt, where the company is developing the financial CSIRT infrastructure for the Central Bank of Egypt. The financial CSIRT includes management of cybersecurity incidents for 40 local banks. This is the first time when NRD Cyber Security is working with a financial CSIRT.
NRD Cyber Security and the Ministry of National Defence of the Republic of Lithuania organized a joint discussion on the topic: “Regulation of responsible disclosure of cybersecurity vulnerabilities in the public sector”. In order to increase the maturity of cybersecurity in Lithuania and to promote closer cooperation between the public and private sectors, the Ministry of National Defence has prepared a draft amendment to the Law on Cyber Security of the Republic of Lithuania. It aims to settle the process of responsibly disclosing vulnerabilities in communication and information systems (ICT) that could lead to a cyber incident. Although such a practice already exists in various countries of the world, until now, Lithuanian legislation has not regulated the process of detecting cybersecurity vulnerabilities.