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NRD Cyber Security: a cybersecurity company

NRD Cyber Security is a company focused on cybersecurity incident response that has annual turnover of 7 million euros (in 2023). With an office in Bangladesh and its HQ in Vilnius, it employs near 60 people and has delivered projects in over 40 countries.

NRD Cyber Security was created in 2013 through a spin-off from BAIP (now Novian Technologies) as a cybersecurity consulting business. In 2017, together with Norway Registers Development, it established a Bangladesh office to service South East Asia. Also in 2017 it began developing its own cybersecurity products, and in 2019 it entered the managed security service provider (MSSP) business.

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Key People

Dr. Vilius Benetis
Director
Darius Dulskas
Director of Sales and Business Development
Romualdas Lečickis
Director of Cybersecurity Group
Artūras Šriupša
Director of CyberSOC
Živilė Nečejauskaitė
Director of Marketing and Communications
Žygimantas Mackevičius
CFO
Arūnas Venclovas
Director of Product Development Group

Legal Structure

Geography & Sectors

NRD Cyber Security business base is in Lithuania with global presence and majority revenues coming from public sector and growing in private and financial sectors.
*Excluding finance and academic.

Gross profit split by geography (millions of euros)

Revenue split by sectors (millions of euros)

*Excluding finance and academic.

Proprietary Products

Natrix – a national and sectorial cybersecurity monitoring and threat hunting platform

CyberSet – a services automation toolkit for Computer Security Incidence Report Teams (CSIRTs) and Security Operations Centres (SOCs)

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Growth Targets for 2023-2028

  • Revenue and EBITDA CAGR growth of
    20%
  • Share of gross profit from recurring services for product licences and SaaS and MSSP services not less than
    50%
NRD Cyber Security has identified three strategic areas for growth by 2028:
  • Revenues from product licenses

    will triple on the strength of the Natrix and CyberSet products and forthcoming developments.

  • Revenues from MSSP services

    will triple based on backlog, historical clients acquisition speed and potential customer pipeline.

  • Revenues from consulting

    will double driven by surging market needs and new service provision models.

Revenues from product licenses

will triple on the strength of the Natrix and CyberSet products and forthcoming developments.

Revenues from MSSP services

will triple based on backlog, historical clients acquisition speed and potential customer pipeline.

Revenues from consulting

will double driven by surging market needs and new service provision models.

Financial Performance

NRD Cyber Security (thousands of euros)
Overall
2019 2020 2021 2022 2023 CAGR
’19-’23		 CAGR
’23-’28*
Revenue 2,836 3,229 5,365 6,079 7,411 27% 16%
Gross profit 1,345 1,519 2,347 2,979 3,994 31% 19%
EBITDA 341 434 784 653 1,120 35% 21%
EBIT 218 250 615 564 980 46% 23%
Revenue Gross profit EBITDA EBIT
2019 2,836 1,345 341 218
2020 3,229 1,519 434 250
2021 5,365 2,347 784 615
2022 6,079 2,979 653 564
2023 7,411 3,994 1,120 980
CAGR
’19-’23		 27% 31% 35% 46%
CAGR
’23-’28*		 16% 19% 21% 23%
*Growth estimates
NRD Cyber Security (thousands of euros)
Recurring revenues
2019 2020 2021 2022 2023 CAGR
’19-’23		 CAGR
’23-’28*
Revenue 62 267 479 825 1,128 107% 28%
Gross profit 41 225 459 814 1,090 127% 29%
Revenue Gross profit
2019 62 41
2020 267 225
2021 479 459
2022 825 814
2023 1,128 1,090
CAGR
’19-’23		 107% 127%
CAGR
’23-’28*		 28% 29%
*Growth estimates
  • 1
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Customer Base

National critical infrastructure
  • National Cyber Security Centre of Lithuania (LT)
  • Ministry of National Defence of Lithuania (LT)
  • Police Department under the Ministry of the Interior (LT)
  • Customs Department under the Ministry of Finance (LT)
  • State Enterprise Centre of Registers (LT)
  • Bangladesh Computer Council (BD)
Finance
  • Central Bank of Guyana (GY)
  • Bank of Botswana (BW)
  • Central Bank of Egypt (EG)
  • Uganda Bankers’ Association (UG)
  • Bangladesh Bank (BD)
  • Central Bank of Nigeria (NG)
  • Šiaulių Bankas (LT)
  • GF bankas (LT)
Private
  • Bitė Lietuva (LT)
  • Teltonika IoT Group (LT)
  • Kauno Tiltai (LT)
  • Vakarų Medienos Grupė (LT)
International development organizations
  • European Union Agency for Cybersecurity (EU)
  • International Telecommunication Union (CH)
  • United Nations Office for Project Services (RS)
  • Northern Ireland Co-operation Overseas (UK)
  • Southern African Development Community (SA)
  • Commonwealth Telecommunications Organisation (UK)
  • Geneva Centre for Security Sector Governance (CH)
  • Office of the Commissioner of Electronic Communications and Postal Regulations (CY)

Notable projects

Financial sector cybersecurity design and deployment in Egypt

We created and are currently deploying one of the world's few financial sector cybersecurity designs.

Egypt’s financial sector cybersecurity project includes creation and detailing of procedures, creation and deployment of a Computer Incidence Report Team (CIRT), deployment of a proprietary Natrix threat monitoring platform and ongoing deployment of the design at over 30 Egyptian financial institutions.

Bangladesh national cyber resilience build-up

We've worked with the Bangladesh Computer Council to strengthen Bangladesh’s cyber resilience since 2016.

In a 5-phase project, we created and deployed a Computer Incident Response Team (CIRT) and an additional CIRT Laboratory for national cyber threat analysis, deployed Oxford University’s Cybersecurity Capacity Maturity Model, developed a cybersecurity strategy and master implementation plan for Critical Information Infrastructures, and deployed 15 proprietary Natrix platforms. Currently over 50 people work on Bangladesh’s CIRT and at its CIRT Laboratory.

Cybersecurity methodology development for ENISA

On behalf of the European Union Agency for Cybersecurity (ENISA), we developed a cyber crisis management maturity methodology for EU institutions and a methodology for the establishment and development of Computer Security Incident Teams (CSIRTs) and Security Operations Centres (SOCs).

Creation of cybersecurity guidelines for the EIB

We developed and validated a statistically based methodology for the European Investment Bank (EIB) to identify the right cybersecurity investments in 15 different sectors - from agriculture to banking and financial services.

Key Highlights

  • 1
    Leader in the cybersecurity incidence response industry, including the development of standards (contributor to the FIRST CSIRT Services Framework and main author of ENISA guidelines for the establishment of CSIRTs and SOCs and cyber crisis maturity models).
  • 2
    National cybersecurity strategies: design and implementation.
  • 3
    Cutting edge proprietary products: Natrix and CyberSet.
  • 4
    Strong line-up of industry-leading experts.
  • 5
    30% compound annual growth of revenue since the spin off the company (calculated from 2014).
1
Leader in the cybersecurity incidence response industry, including the development of standards (contributor to the FIRST CSIRT Services Framework and main author of ENISA guidelines for the establishment of CSIRTs and SOCs and cyber crisis maturity models).
2
National cybersecurity strategies: design and implementation.
3
Cutting edge proprietary products: Natrix and CyberSet.
4
Strong line-up of industry-leading experts.
5
30% compound annual growth of revenue since the spin off the company (calculated from 2014).
  • 1

Want To Know More?

Need more information about NRD Cyber Security?
Visit the NRD Cyber Security's website