Apr 28, 2021

NRD Cyber Security revenue grew 14% in 2020

Cybersecurity
investment
Tilly Kenyon
2 min
New data shows NRD Cyber Security’s revenue has grown in 2020, along with growth in its net profit
New data shows NRD Cyber Security’s revenue has grown in 2020, along with growth in its net profit...

NRD Cyber Security, a Cybersecurity consulting and technology development company, reported revenue of €3.23 million in 2020, an increase of 14% compared to 2019 revenue of €2.84 million.

According to new data NRD Cyber Security also generated a net profit of €321,000 last year, an increase of 38% compared to €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.

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Dr. Vilius Benetis, CEO of NRD Cyber Security, was previously asked about whether there was a difference in companies from the Baltics willing to invest in their cybersecurity compared to Europe / rest of the world, he said: “Baltic countries are comparatively small and are moving very fast towards digital services. Handling digital risks is a natural part of this. Sometimes, action is taken after the incidents, and sometimes by experienced managers. Overall, the situation is similar, especially when most businesses are very small and cannot invest much in cybersecurity.”

Investment

The company has a large number of customers in the finance sector, and in the first half of 2020 they achieved a lot. They signed 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 €1.8 million, €997,000 of which was financed by the European Union, with the remaining amount coming from the company's own funds. In 2020 alone, €1 million was allocated for this purpose, of which €567,000 was European Union funding and the remainder the company's own funds.

One of its R&D products, CySystem, is already being used by countries in Europe, Asia, and Africa. It 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.

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May 7, 2021

AI Shows its Value; Governments Must Unleash its Potential

AI
Technology
digitisation
Digital
His Excellency Omar bin Sultan...
4 min
His Excellency Omar bin Sultan Al Olama talks us through artificial intelligence's progress and potential for practical deployment in the workplace.
His Excellency Omar bin Sultan Al Olama talks us through artificial intelligence's progress and potential for practical deployment in the workplace...

2020 has revealed just how far AI technology has come as it achieves fresh milestones in the fight against Covid-19. Google’s DeepMind helped predict the protein structure of the virus; AI-drive infectious disease tracker BlueDot spotted the novel coronavirus nine days before the World Health Organisation (WHO) first sounded the alarm. Just a decade ago, these feats were unfathomable. 

Yet, we have only just scratched the surface of AI’s full potential. And it can’t be left to develop on its own. Governments must do more to put structures in place to advance the responsible growth of AI. They have a dual responsibility: fostering environments that enable innovation while ensuring the wider ethical and social implications are considered.

It is this balance that we are trying to achieve in the United Arab Emirates (UAE) to ensure government accelerates, rather than hinders, the development of AI. Just as every economy is transitioning at the moment, we see innovation as being vital to realising our vision for a post-oil economy. Our work in his space has highlighted three barriers in the government approach when it comes to realising AI’s potential. 

First, addressing the issue of ignorance 

While much time is dedicated to talking about the importance of AI, there simply isn’t enough understanding of where it’s useful and where it isn’t. There are a lot of challenges to rolling out AI technologies, both practically and ethically. However, those enacting the policies too often don’t fully understand the technology and its implications. 

The Emirates is not exempt from this ignorance, but it is an issue we have been trying to address. Over the last few years, we have been running an AI diploma in partnership with Oxford University, teaching government officials the ethical implications of AI deployment. Our ambition is for every government ministry to have a diploma graduate, as it is essential to ensure policy decision-making is informed. 

Second, moving away from the theoretical

While this grounding in the moral implications of AI is critical, it is important to go beyond the theoretical. It is vital that experimentation in AI is allowed to happen for its own sake and not let ethical problems stymie innovations that don’t yet exist. Indeed, many of these concerns – while well-founded – are born out in the practical deployment of these end-use cases and can’t be meaningfully discussed on paper.

If you take facial recognition as an example, looking at this issue in abstract quickly leads to discussions over privacy concerns with potential surveillance and intrusion by private companies or authorities’ regimes. 

But what about the more specific issue of computer vision? Although part of the same field, the same moral quandaries do not arise, and the technology is already bearing fruit. In 2018, we developed an algorithmic solution that can be used in the detection and diagnosis of tuberculosis from chest X-rays. You can upload any image of a chest X-ray, and the system will identify if a person has the disease. Laws and regulations must be tailored to unique use-cases of AI, rather than lumping disparate fields together.

To create this culture that encourages experimentation, we launched the RegLab. It provides a safe and flexible legislation ecosystem to supports the utilisation of future technologies. This means we can actually see AI in practice before determining appropriate regulation, not the other way around. Regulation is vital to cap any unintended negative consequences of AI, but it should never be at the expense of innovation. 

Finally, understanding the knock-on effects of AI

There needs to be a deeper, more nuanced understanding of AI’s wider impact. It is too easy to think the economic benefits and efficiency gains of AI must also come with negative social implications, particularly concern over job loss. 

But with the right long-term government planning, it’s possible to have one without the other; to maximise the benefits and mitigate potential downsides. If people are appropriately trained in how to use or understand AI, the result is a future workforce capable of working alongside these technologies for the better – just as computers complement most people’s work today.

We’ve to start this training as soon as possible in the Emirates. Through our Ministry of Education, we have rolled out an education programme to start teaching children about AI as young as five years old. This includes coding skills and ethics, and we are carrying this right through to higher education with the Mohamed bin Zayed University of Artificial Intelligence set to welcome its first cohort in January. We hope to create future generations of talent that can work in harmony with AI for the betterment of society, not the detriment.

AI will inevitably become more pervasive in society, digitisation will continue in the wake of the pandemic, and in time we will see AI’s prominence grow. But governments have a responsibility to society to ensure that this growth is matched with the appropriate understanding of AI’s impacts. We must separate the hype from the practical solutions, and we must rigorously interrogate AI deployment and ensure that it used to enhance our existence. If governments can overcome these challenges and create the environments for AI to flourish, then we have a very exciting future ahead of us.

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