NRD Cyber Security Reports 32% Revenue Growth in H1 2024
NRD Cyber Security, a leader in cybersecurity solutions, has achieved impressive results, reporting revenues of €3.643 million in the first half of 2024. This marks a significant 32% increase compared to the same period last year. Furthermore, the company's net profit rose to €507,000, reflecting an impressive year-on-year growth of 58%.
Strengthening Market Presence in Lithuania
Local market efforts yield positive outcomes
The first half of 2024 has been promising for NRD Cyber Security, solidifying its position as a leader in Lithuania's cybersecurity market. Revenue from this region surged by 79%, fueled by a rise in related projects ahead of the upcoming NIS2 Directive implementation. The company successfully launched Managed SOC services for five new clients while renewing contracts with existing customers, further solidifying its market presence. As the second half of the year begins, NRD Cyber Security is already experiencing notable developments, including a significant Managed SOC service contract with the Bank of Lithuania, which opens up exciting new opportunities.
Innovative Products Boosting Cyber Resilience
Deployment of Natrix and CyberSet
Products such as Natrix and CyberSet have gained the trust of national cybersecurity teams worldwide. In the first half of 2024, NRD Cyber Security played a crucial role in enhancing the cyber resilience of major banks in Egypt, successfully deploying Natrix in three leading financial institutions. Additionally, improvements were made to the cyber incident detection and response platform for Egypt's cybersecurity team, EG-FinCERT. Looking ahead, further projects are planned across various sectors in Egypt. Simultaneously, updates to CyberSet have enabled Malta's Critical Infrastructure Protection Directorate to enhance its incident response capabilities.
Expanding into New Markets
NRD Cyber Security's initiatives are not limited to local markets; the company is also focusing on expanding its operations in East Africa, where a proof of concept for Natrix is already in progress. Noteworthy projects are also underway in the Eastern Caribbean and Bangladesh, as NRD Cyber Security works on enhancing cybersecurity capacity in these regions.
Launching Major International Projects
The organization has initiated several significant international projects. A partnership with the Universal Postal Union is in progress to establish an Information Sharing and Analysis Centre (ISAC) aimed at strengthening security in the global postal sector. Additionally, a cyber incident response team is being developed in the Eastern Caribbean for the benefit of OECS members, including Grenada, Dominica, Saint Lucia, and Saint Vincent and the Grenadines. Collaborations with the European Union Agency for Cyber Security (ENISA) are also underway, focusing on improving the cyber resilience of EU nations and assessing the preparedness of the Lithuanian public sector.
Global Efforts to Enhance Cyber Resilience
National initiatives and partnerships
NRD Cyber Security is committed to creating a secure digital environment through various programs designed to enhance cyber resilience for nations and organizations. These initiatives include hosting international webinars for security teams, providing educational resources, and raising awareness about cybersecurity maturity. Notably, the SOCshare project continues to thrive, while the newly launched SOCcare project aims to improve cyber threat intelligence in Eastern Europe.
About NRD Cyber Security
NRD Cyber Security specializes in providing cybersecurity solutions, including consulting and a range of complementary services. The company is dedicated to fostering a secure digital landscape for government entities and organizations worldwide. Its proprietary technologies, Natrix and CyberSet, facilitate centralized threat monitoring and automate security operations. NRD Cyber Security also maintains robust security operation capabilities through its Managed SOC, which operates continuously. The company’s cyber incident response team, NRD CIRT, is a recognized member of FIRST.org. NRD Cyber Security is managed by INVL Technology, an investment firm focused on IT ventures, listed on Nasdaq Vilnius.
For further inquiries, please contact:
INVL Technology Managing Partner
Kazimieras Tonk?nas
E-mail: k.tonkunas@invltechnology.lt
Frequently Asked Questions
What were NRD Cyber Security's revenue figures in the first half of 2024?
NRD Cyber Security achieved revenues of €3.643 million, representing a 32% increase compared to the previous year.
How did NRD Cyber Security perform in the Lithuanian market?
The company experienced a remarkable 79% growth in revenue from the Lithuanian market compared to the first half of 2023.
What are Natrix and CyberSet?
Natrix and CyberSet are advanced cybersecurity monitoring and automation products developed by NRD Cyber Security to support organizations and national teams.
What international projects is NRD Cyber Security involved in?
NRD Cyber Security is participating in several international projects, including collaborations with the Universal Postal Union and efforts to enhance cyber resilience for the European Union.
Who can be contacted for more information about NRD Cyber Security?
Kazimieras Tonk?nas, the Managing Partner at INVL Technology, can be reached at k.tonkunas@invltechnology.lt.
