NRD Cyber Security's revenue grew by 106% in the first half of the year

NRD Cyber Security, a cyber security consultancy and technology development company, generated revenues of EUR 1,979 million in the first half of 2021, an increase of 106% compared to revenues of EUR 962,000 in the first half of 2020.

According to unaudited data, the company's EBITDA in the first six months amounted to EUR 534,000, a 13-fold increase on the first half of 2020.     

In the first half of this year, NRD Cyber Security made a net profit of EUR 432,000, while in the same period of 2020 sustained a net loss of EUR 57,000.

In total, NRD Cyber Security had projects in 36 countries around the world in the first half of 2021.

Compared to the previous year, the share of NRD Cyber Security's revenues coming from the financial and private sectors grew significantly in the first half of 2021, i.e., 50% of the first half of the year's revenues were received from these two sectors.

The first half of the year saw a number of completed projects for NRD Cyber Security. A joint project with NI-CO has been implemented, providing four advanced technical training courses for the Computer Security Incident Response Team (CSIRT). Participants from the finance, defence and telecommunications sectors of the Dominican Republic, Botswana and 17 Member States from the Organization of American States (OAS) attended the training. A project with the Bhutanese Ministry of Finance has also been completed – a comprehensive technical audit of the current financial management systems at the Ministry of Finance has been carried out and the findings presented to management at the ministry.

Moreover, NRD Cyber Security, together with the United Nations Project Management Agency (UNOPS), has completed an assessment of the cybersecurity ecosystem of the Republic of Serbia.

A project at the Central Bank of Egypt is also nearing completion, with CollectiveSight sensors developed by NRD Cyber Security already installed. These are the components of a centralised cybersecurity monitoring and threat assessment platform. The aim of this project is to create a financial sector security management centre, EG-FinCIRT, which will coordinate and manage critical incidents in the financial sector.

This year, the company is also continuing two projects at the Central Bank of Nigeria. The first project is dedicated to the establishment of a financial sector cybersecurity centre, while the second project, NRD Cyber Security, has implemented threat intelligence sharing technical platform.

The second half of the year should be no less busy. A contract has been signed with the Bank of Guyana for the provision of security assessment services, in addition to a new contract with the UK Home Office for the Rwanda Cybersecurity Maturity Assessment based on the Oxford CMM model. The company has successfully carried out this type of assessment in the past in Georgia, Ecuador and Bangladesh.

A contract has also been signed with the European Union Agency for Cybersecurity (ENISA) for the development of a cybersecurity crisis management maturity assessment methodology. The project aims to lay a solid foundation for cooperation between EU institutions in the event of a crisis (at operational and technical level).

For more information, please see the presentation prepared on the results for the first half of 2021.

About NRD Cyber Security

NRD Cyber Security is a cybersecurity consultancy, security incident response and technology implementation and development company. It aims to create secure digital environments for countries, governments and businesses, and undertakes a wide range of projects around the world. NRD Cyber Security is owned by INVL Technology, an IT investment company listed on Nasdaq Vilnius AB (INC1L).

The person authorized to provide additional information:

Kazimieras Tonkūnas

INVL Technology Managing Partner

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