NRD Cyber Security invested 1.2 million euros in research and product development
The revenue of cybersecurity consulting and technology development company NRD Cyber Security in the first half of this year amounted to 962 000 euros and decreased by 29% compared to the same period last year. According to unaudited data, the company's EBITDA in the first half of this year was 39 thousand euros. Compared to the first half of 2019, it decreased six times. During the first half of this year, NRD Cyber Security suffered 57 000 euros net loss - during the same period of 2019, 176 000 euros net profit.
“Our long-term strategy is to continue to develop services and deliver our own products. This is the reason why we invest in research and experimental development, which has also affected the results of the first half of this year,” - said Vilius Benetis, the CEO of NRD Cyber Security.
NRD Cyber Security invested 1.2 million euros in research and experimental development (R&D). 705 000 of this amount were European Union (EU) funds, – while the rest of the investment has
been from company‘s own funds. In the first half of this year NRD Cyber Security invested 480 000 euros (276 000 euros were EU funded, while the other part was company’s investment).
“We believe that development of our own products will not only allow us to grow our business and increase export of our services and products, but also to position us in the global market as cybersecurity innovators. Hence, we expect the sales to pick up from 2021,” - says the CEO of NRD Cyber Security.
It is planned that in the rest half of the year NRD Cyber Security will continue to develop ongoing projects and R&D activities. One of the unique products the company is currently developing is called IntEye. It is an open source intelligence tool, designed to process complex and voluminous data and accelerate decision-making. Another solution NRD Cyber Security experts are working on is CySystem. It is intended to help to monitor cyberspace, quickly detect and alert about network anomalies.
In addition to working on R&D projects, NRD Cyber Security has been providing managed security service in Lithuania – CyberSOC. It acts as an outsourced the Security Operations Center (SOC), with main functions to monitor, detect, assess, analyze cyber threats and potential attacks as well as help to eliminate incidents. As the number of customers using this service is growing, it became profitable at the end of the first half of this year. It is expected that the demand for such service will only increase in the future. The company actively seeks international projects. In the first half of this year a significant contract was signed – on strengthening the state's cybersecurity capacity in Serbia.
Another important project is finished in Luxembourg - to help the European Investment Bank (EIB) identify investment projects or initiatives in the field of cybersecurity. The EIB also seeks to contribute to the European Union's cybersecurity initiative agenda. NRD Cyber Security has developed a criteria for defining the scope of cybersecurity projects, also prepared and validated the assessment methodology.
Also, the company signed an agreement with the European Union Agency for Cybersecurity (ENISA) in the first half of this year. By working on this project NRD Cyber Security experts prepared a methodology for development of cybersecurity response teams and security operations centers (CSIRT / SOC), including their structure, functions, required resources, processes, tools and procedures.
More information can be found in the 2020 H1 performance presentation.