News from INVL Technology managed companies: NRD Cyber Security's growth shows an increasing demand for quality cybersecurity services

NRD Cyber Security, which also owns NRD Bangladesh, had consolidated revenue of EUR 7.411 million in 2023, an increase of 21.9% from 2022. Its operating profit grew 77.1% last year to EUR 0.99 million as EBITDA rose 74.3% to EUR 1.14 million.

According to Vilius Benecis, Director of NRD Cyber Security, the company's growth is driven by strong competencies in establishing and modernising cybersecurity teams, focusing on automation of their work and development of specialised tools, and international cooperation. The development of activities in more than 50 countries, active participation in both Lithuanian and international cybersecurity community, enables the company's specialists to offer high competences based on international standards and best practices.

NRD Cyber Security's sales revenue in 2023 in foreign markets amounted to EUR 2.37 million, an increase of 78% compared to the previous year's sales revenue of EUR 1.33 million from foreign customers. This was driven by a significant increase in the number of projects aiming to strengthen national cyber resilience. In more than 30 countries, the organisation's experts built national cybersecurity teams, helped develop national cybersecurity strategies and carried out other cyber resilience-building activities. Clients include the Central Bank of Egypt, the Ministry of Economy of Kosovo and the European Investment Bank, European Union Agency for Cybersecurity (ENISA).

In addition to building and modernising cybersecurity teams, the company operates as an MSSP and provides such services under CyberSOC name. NRD Cyber Security further strengthened its leading position in the market of these services in Lithuania in 2023 by launching a 24/7 CyberSOC service option. It differentiates in the market as the service is provided around the clock by real analysts. Last year, CyberSOC services were also launched abroad, with centralised monitoring and prevention of cybersecurity incidents at the Central Bank of Botswana.

The organisation's unique cybersecurity tools - Natrix, a centralised threat monitoring platform, and CyberSet, a toolkit for automating the services provided by cybersecurity teams, - are gaining increasing recognition in the global market. In 2023, both tools were deployed in Malta's national cybersecurity team CSIRTMalta. Also, Natrix was deployed in Egypt's CSIRT for country‘sfinancial sector EG-FinCIRT, while CyberSet has enabled cybersecurity teams in the Bahamas, Trinidad and Tobago, Barbados and other countries to start delivering their services.
About NRD Cyber Security

NRD Cyber Security offers cybersecurity solutions, consulting, and other services. The company aims to create secure digital environments for countries, governments, and businesses, and undertakes a wide range of projects around the world. The company is managed by INVL Technology, a Nasdaq Vilnius-listed IT investment company.

The person authorized to provide additional information:
INVL Technology Managing Partner
Kazimieras Tonkūnas



NRD CS_Annual results for 2023