Cybersecurity consulting and technology development company, NRD Cyber Security, reported revenue of EUR 3.23 million in 2020, an increase of 14% compared to 2019 revenue of EUR 2.84 million.
According to audited data, NRD Cyber Security also generated a net profit of EUR 321,000 last year, an increase of 38% compared to EUR 232,000 in the same reporting period in 2019. Income from the private sector in 2020 more than tripled the corresponding income in 2019; in 2020, it accounted for 25% of NRD Cyber Security's total revenue, and 9% in 2019.
For NRD Cyber Security, with a large number of customers in the finance sector, 2020 was a significant year. In the first half of 2020, NRD Cyber Security activities included the signing of a service contract with the Central Bank of Nigeria, projects at the Central Bank of Egypt and in the country's commercial banking sector, as well as a cybersecurity investment appraisal project initiated by the European Investment Bank.
NRD Cyber Security's total investment in research and experimental development (R&D) at the end of 2020 amounted to EUR 1.8 million, of which EUR 997,000 was financed by the European Union, with the remaining amount coming from the company's own funds. In 2020 alone, EUR 1 million was allocated for this purpose, of which EUR 567,000 was European Union funding and the remainder the company's own funds.
One of its R&D products, CySystem, which is designed for critical infrastructure managers and for the identification, monitoring and analysis of cyber threats to the critical infrastructure of national, sector-specific or multinational corporations, is already being used by countries in Europe, Asia and Africa.
Another significant NRD Cyber Security product is CyberSet. The company’s project activities are aimed at developing a product for small IT service providers around the world wishing to provide managed security services to their customers. CyberSET is a set of automated processes integrating typical security operations functions. This product will significantly lower the entry threshold for new Managed Security Service Providers (MSSPs) into different national markets, allowing them to start up as an MSSP in a short period of time without much investment, thus blending into the global security network.
NRD Cyber Security also actively contributes to strengthening countries' cybersecurity and resilience. According to the company's CEO, Vilius Benetis, NRD Cyber Security stands out in the market for its practical training for computer security incident management teams (CSIRT) and security operations centre (SOC) management, and their products focus on the protection of the critical information infrastructure through the automation of security team management. It is worth noting that NRD Cyber Security has been invited to join the international Cyber Resilience for Development (Cyber4Dev) project and to develop and deliver a training course for CSIRT in various countries, with the aim of strengthening the technological capabilities of CSIRT staff.
The company has also successfully implemented the competence centre training course organised as part of the International Telecommunication Union (ITU) for the creation and management of cybersecurity teams.