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< PreviousFEATURE 20 Edge/ November 2024 500 investable startups by 2026 Once predominantly recognised for its vast oil and gas wealth, Azerbaijan is rapidly emerging as a rising force in the global tech landscape. Acknowledging that natural resources are ﬁ nite, the country has taken bold steps to diversify its economy by fostering a robust innovation ecosystem. This shift is not just about economic diversif ication but also ref lec ts a long-term commitment to positioning Azerbaijan as a leading technology hub “Azerbaijan understands the necessity of moving away from oil and gas, which are not sustainable in the long term. This approach is both timely and forward-looking.” Central to Azerbaijan’s vision is a “healthy innovation ecosystem,” which Ovcharenko frequently uses to describe the nation’s strategy. This ecosystem ensures startups access essential resources like markets, infrastructure, funding, and talent. However, it goes beyond just tangible resources—there is a strong focus on creating a culture of innovation that can help address the challenges startups face. “It’s not just about ﬁ nancial support or infrastructure,” Ovcharenko explains. “We’re concentrating on fostering the right culture. Once that culture is in place, many of the hurdles startups face become easier to overcome.” This cultural shift is already gaining momentum, mainly due to the government’s proactive involvement in the tech sector. The IDDA, for instance, acts as a limited partner in international investment funds, requiring that 50 per cent of the funds be allocated to Azerbaijani-founded companies. Additionally, the government’s ‘Soft Landing’ programme attracts foreign tech firms by offering tax incentives and tailored packages to facilitate their operations in Azerbaijan. While these incentives may still need to match those of larger nations like Saudi Arabia, Ovcharenko hints at more competitive packages on the horizon. “We’re working on more attractive incentives, which we plan to announce soon,” he says. One of the success stories in Azerbaijan’s growing tech scene is Receptapp, founded by Rauf Heydarli. AZERBAIJAN’S TECH REVOLUTION Engineering a Future Beyond Oil Words by Sindhu V Kashyap BUSINESS regionally and globally. A key driver of Azerbaijan’s transformation into a tech-based economy is a government- backed initiative by the Innovation and Digital Development Agency (IDDA). Chief Innovation Offi cer at IDDA calls it a “controlled crisis” focussed on bringing in innovation. This approach is designed to push the nation towards innovation and technology. Ovcharenko highlights the urgency of diversifying the economy: Edge_Nov2024_20-21_Az Tech story_13410136.indd 2024/10/2024 13:02FEATURE Edge/ November 2024 21 The company was born from Heydarli’s experience at Amazon Web Services (AWS), where he identiﬁ ed ineffi ciencies in managing physical receipts. “There had to be a better way,” he recalls. “We realised digital receipts could off er a more effi cient solution, provided they were user-friendly and safeguarded consumer privacy.” Although Azerbaijan’s tech ecosystem is still in its early stages, it is supported by venture capital ﬁ rms like Caucasus Ventures, led by Mammad Karim. The ﬁ rm has invested in 18 startups, half Azerbaijani, but Karim acknowledges the challenges of scaling in a relatively small market. “With a population of around 11 million, Azerbaijan is limited, and neighbouring markets like Georgia aren’t much bigger,” Karim points out. “We encourage founders to target larger markets, such as Turkey, or expand That’s something we need to develop.” Mentorship also plays a crucial role in Azerbaijan’s evolving startup ecosystem. Local and international mentors provide essential guidance to the country’s startups. Yagub Rahimov, founder of Polygraf, a security and fact check company, emphasises ADA University’s role in connecting startups with mentors and investors. “Our collaboration with ADA has been vital in building our team,” Rahimov says. “They even sponsored two of our team members to attend a major tech event in the U.S., which was a signiﬁ cant opportunity for us.” In addition to mentorship, the IDDA off ers tax exemptions of up to 10 years and access to offi ce infrastructure, allowing startups to focus on scaling without the burden of high administrative costs. Looking ahead, Azerbaijan’s tech sector is poised for rapid growth. By 2026, the IDDA aims to have at least 500 investable startups, with 100 receiving signiﬁ cant investment. The government is also developing industry clusters in sectors where Azerbaijan already has a competitive edge, such as defence and energy. Given the complexity of its energy sector, cybersecurity has also become a critical area of focus. Ovcharenko envisions a promising future: “By 2026, we aim to have built a self-suffi cient and globally competitive ecosystem.” Investors like Karim share this optimism, believing Azerbaijan is on the brink of a breakthrough. “We’re not quite there yet, but we’re close. In the next ﬁ ve to six years, I think we’ll start to see Silicon Valley-level talent emerging in our region,” he says. Azerbaijan’s journey from an oil-reliant economy to a tech-driven future is still in its early stages, but the momentum is undeniable. With strong government support, growing investor interest, and increasing local talent, Azerbaijan is on the path to becoming a global tech hub. By 2026, we aim to have built a self-suffi cient and globally competitive ecosystem abroad to realise their potential.” Azerbaijan has introduced initiatives like the Founders Academy to bridge the talent gap. This programme sends local entrepreneurs to intern at successful tech companies abroad. “These entrepreneurs return with invaluable insights, which they can apply to their startups here,” says Ovcharenko. Moreover, Azerbaijani universities now off er entrepreneurship courses, allowing students to gain practical experience turning ideas into market-ready businesses. However, a challenge remains in fostering a culture that embraces risk and failure, both essential to any thriving startup ecosystem. “Culturally, Azerbaijanis are tolerant and open, which helps accept failure,” Ovcharenko notes. “But we still lack a history of high-proﬁ le successes and failures. /Central to Azerbaijan’s vision, is focussing on building a healthy innovation driven ecosystem /IDDA for instance, acts as limited partner in international investment funds Edge_Nov2024_20-21_Az Tech story_13410136.indd 2124/10/2024 13:02FEATURE 22 Edge/ November 2024 RISING DDOS ATTACKS THREATEN MIDDLE EAST SPORTING EVENTS Experts Call for Enhanced Cybersecurity SECURITY Words by Sindhu V Kashyap /The number of botnet nodes in the region have quadrupled Cybersecurity experts are raising concerns over a sharp increase in Distributed Denial-of-Service (DDoS) attacks as the Middle East gears up for major sporting events. These attacks, which overwhelm online systems with excessive traffi c, have grown in scale and complexity, leaving sporting organisations vulnerable and scrambling to protect their digital infrastructure. With the region undergoing rapid digital transformation and grappling with geopolitical instability, DDoS attacks pose a signiﬁ cant threat to the smooth operation of these events. Emad Haff ar, Head of Technical Experts for the Middle East, Turkey, and Africa (META) at Kaspersky, highlights how the increased digitisation of sporting events has exposed new vulnerabilities. “The Middle East and GCC have made signiﬁ cant progress in modernising their digital infrastructure, but this has also made them prime targets for DDoS attacks,” Haff ar explains. He points out that electronic ticketing, while convenient, also leaves events susceptible to service interruptions, where even brief outages can lead to considerable ﬁ nancial and reputational damage. Bashar Bashaireh, Vice President for the Middle East and Turkey at Cloudﬂ are adds that the sophistication of DDoS attacks has dramatically increased. “Some attacks are motivated by ﬁ nancial gain, while others are politically driven, often linked to the region’s geopolitical tensions,” he says. According to Bashaireh, cybercriminals exploit these high-proﬁ le events to disrupt systems and gain attention for their causes. Geopolitical instability has become a major driver behind the surge in DDoS attacks, particularly those targeting large digital audiences. Santos Delpozo, Senior Director of Product Engineering and Security at the Technology Innovation Institute (TII), notes: “The number of botnet nodes in the region has quadrupled recently, enabling threat actors to launch more powerful attacks. Hacktivist groups often use these attacks to make political statements or disrupt events for ideological reasons.” The scope of these attacks extends beyond ticketing and streaming services. Morey Haber, Chief Security Advisor at BeyondTrust, warns that DDoS attacks can target critical services like emergency responders and timekeeping systems, recalling similar incidents during the Atlanta Olympics. “In today’s digital landscape, such attacks could be even more damaging, targeting key infrastructures essential for Edge_Nov2024_22-23_DDoS attacks_13408826.indd 2224/10/2024 13:03FEATURE Edge/ November 2024 23 the safety of participants and spectators,” Haber says. Experts stress the need for enhanced cybersecurity measures to combat this growing threat. Haffar highlights the importance of network traffi c baselining, which allows organisations to detect traffi c analysis. “At Cloudﬂ are, we use a global network connected to over 12,500 ISPs to mitigate large-scale DDoS attacks automatically, but it’s crucial for organisations to conﬁ gure their defences properly,” he explains. Emad Fahmy, Director of Systems The UAE’s agreements with international bodies, such as the United Nations International Telecommunications Union, have been instrumental in building a resilient cybersecurity framework AI and machine learning also play vital roles in enhancing detection and response strategies. Federico Pienovi, Globant’s Chief Business Offi cer, emphasises that AI-driven traffi c analysis and behavioural analytics can help organisations detect even subtle anomalies and react before an attack causes widespread disruption. Collaboration between governments and the private sector is seen as key to strengthening cybersecurity resilience across the Middle East. Christopher Murphy, Managing Director of FTI Consulting’s Cybersecurity Team, commends the UAE for its proactive international partnerships. “Agreements, like the one between the UAE and the US in 2023, have been crucial in enhancing the country’s cyber defences, especially around major events,” he says. Santos Delpozo agrees that cross-border cooperation is essential. He stresses that sharing cyber intelligence across nations enables better detection and mitigation of attacks. “The UAE’s agreements with international bodies, such as the United Nations International Telecommunications Union, have been instrumental in building a resilient cybersecurity framework,” he adds. Nicolai Solling, Chief Technology Offi cer at Help AG, emphasises the importance of public-private partnerships. He notes that entities like the UAE’s National Cybersecurity Council and Dubai Electronic Security Centre facilitate collaboration to share threat intelligence. “This cooperative approach is essential for defending against evolving cyber threats,” he states. Real-time monitoring and response are critical in tackling DDoS attacks. Morey Haber from BeyondTrust highlights that scalable DDoS mitigation services, like those provided by Cloudﬂ are and Akamai, can absorb attacks and ﬁ lter out malicious traffi c before it reaches essential infrastructure. Delpozo adds that integrating AI-powered sensors into monitoring tools enhances real-time threat detection by identifying unusual traffi c patterns early. Subhalakshmi Ganapathy, Chief IT Security Evangelist at ManageEngine, advises that continuous network monitoring combined with automated workﬂ ows can quickly mitigate DDoS attacks before they escalate. /Network traffic baselining allows organisations to detect early signs of an attack /Sporting committees must work with all to deploy advanced DDoS protection tools early signs of an attack by identifying deviations from expected traffi c patterns. “Disabling unnecessary network services is another critical step to reduce potential entry points for attackers,” he advises. Bashaireh underscores the value of Web Application Firewalls (WAFs), rate limiting, and machine learning-based Engineering at NETSCOUT, suggests a multi-layered approach to cybersecurity. He urges organisations to regularly update defences and rigorously monitor traffi c for unusual spikes. “Sporting committees must work with sponsors, athletes, and local authorities to deploy advanced DDoS protection tools,” he says. Edge_Nov2024_22-23_DDoS attacks_13408826.indd 2324/10/2024 13:03FEATURE 24 Edge/ November 2024 Get email. It works! Those four words appeared on posters scattered around Columbia U n i ve r s i t y ’s c a m p u s , a i m e d a t encouraging students to embrace the emerging digital era. In the early 1990s, email was still a novelty, and Jack Hidary, then an undergraduate, was determined to change that. Fast-forward to today, and Hidary is now the CEO of SandboxAQ, an Alphabet off shoot that has raised nearly $500 million from key ﬁ gures like Eric Schmidt, ﬁ rmly positioning itself at the forefront of AI and quantum computing. Hidary’s relationship with technology started long before Columbia. As a 12-year-old, he became captivated by his ﬁ rst computer, an IBM XT. “I fell in love with computers when I was young,” he says. “There was something magical about creating something from scratch with code.” His early projects were simple, but they sparked a deep passion for problem- solving through technology. This passion led him to an early coding challenge Hidar y quickly advanced, learning languages like BASIC and Pascal and upgrading his equipment to an IBM AT. His entrepreneurial spirit emerged early, too, with ventures like selling books at his local community centre. His technical knowledge and business acumen surpassed many of his peers when he reached Columbia. His “Get email. It works!” campaign highlighted his ability to see potential where other s saw none. “ Email was revolutionary, but no one really understood it yet,” he reﬂ ects. Beyond campus, Hidary delved into academic research, applying early AI techniques to brain imaging. “We were using AI to analyse brain scans, and even with limited computing power, the results were remarkable,” he says, demonstrating his early vision for AI’s application in healthcare. Hidary’s ﬁ rst signiﬁ cant business success came with Dice.com, a job board for IT professionals that became a vital platform for tech workers. “Techies are practical,” he explains. They want CEO Jack Hidary’s Mission with SandboxAQ AI /Jack Hidary, CEO SandboxAQ when his family needed a seating plan for a 1,500-guest wedding. “It was like a complex puzzle,” Hidary recalls, smiling. “I coded all the preferences into a programme, and it worked!” This experience opened his eyes to technology’s potential to solve real-world problems. A s a self- taught programmer, SOLVING TOMORROW’S PROBLEMS TODAY Words by Sindhu V Kashyap Edge_Nov2024_24-25_Jack Hidary_13411119.indd 2424/10/2024 13:23FEATURE Edge/ November 2024 25 effi cient ways to get things done.” After selling Dice.com, Hidary founded Vista Research, providing investors with high-quality data to make informed decisions. “Investors need reliable data,” he says, explaining how Vista ﬁ lled a gap in the market before being sold to a large tech ﬁ rm after a competitive bidding process. A call from Google in 2015 marked Hidary’s return to entrepreneurship. Alphabet was forming, and they needed technologists with a business background to lead new divisions. “They asked me to start what would eventually become SandboxAQ,” he says. “It was an opportunity to apply AI and quantum computing to major global challenges.” Sandbox AQ, which spun out of Alphabet in 2022, is focused on three critical areas: healthcare, energy, and cybersecurity. “In healthcare, we’re battery is over 40 years old,” he notes. “We’re using quantum computing to develop new materials that could make energy storage more effi cient.” Cybersecurity is another key focus. “Hackers are getting more sophisticated, and we’re using AI and quantum technologies to build more secure systems,” Hidary adds, stressing the importance of proactive defences in an increasingly digital world. Despite his focus on technology, Hidary believes that building strong teams is the foundation of success. “At Sandbox AQ, we have an internal document called ‘The AQ Way,’ which outlines our core values and principles,” he says. “Culture is critical to the success of any organisation.” Hidary off ers straightforward advice for aspiring entrepreneurs: “Think about scalability from the beginning. Build something that can grow beyond its initial market.” He also emphasises the importance of company culture. “A strong, positive culture keeps your team aligned as you grow.” At Sandbox AQ, we have an internal document called ‘The AQ Way,’ which outlines our core values and principles. Culture is critical to the success of any organisation working on cardiac diagnostics with partners like Mount Sinai and the Mayo Clinic,” Hidary explains. “AI is helping us detect diseases earlier than traditional methods.” In energy, Sandbox AQ is revolutionising storage technologies. “The lithium-ion /SandboxAQ, focusses on technology that can change and transform lives /SandboxAQ spun out of Alphabet in 2022 Edge_Nov2024_24-25_Jack Hidary_13411119.indd 2524/10/2024 13:23COVER STORY 26 Edge/ November 2024 SECURITY DIGITAL ISOLATION The Link Between Loneliness, Fatigue, and Cyber Threats Words by Sindhu V Kashyap Edge_Nov2024_26-33_Cover Story_13416085.indd 2624/10/2024 13:04COVER STORY Edge/ November 2024 27 Edge_Nov2024_26-33_Cover Story_13416085.indd 2724/10/2024 13:04COVER STORY 28 Edge/ November 2024 cryptocurrency. The report discusses how social media has been used as a standard mode for these communications and connections. Romance-based scams are particularly malicious and consist of building a fake relationship, often under the guise of romance, to gain the victim’s trust over time. From social engineering fraud to the growing threat of deepfakes, cybercriminals are exploiting our digital fatigue and emotional hunger for connection, exploiting the platforms meant to bring us together. Carolyn Yaffe, a psychotherapist at Medcare-Camali in Jumeirah, sees the consequences of this ﬁ rst-hand. “Social media has become such a signiﬁ cant part of our lives, and while it has its beneﬁ ts, I genuinely believe it can contribute to feelings of loneliness,” she explains. According to Yaff e, loneliness isn’t simply about being alone; it’s a deeper emotional state. “You can be in a room full of people and still feel lonely if there’s no emotional bond or sense of belonging,” she explains. As Yaff e deﬁ nes it, loneliness stems from a lack It started with a harmless message: “Hey, I saw we both love hiking. Fancy chatting sometime?” A young marketing professional living in Dubai felt lonely for months. Like many of us, she had turned to social media for companionship, ﬁ nding solace in the brief interactions off ered by platforms like X and Instagram. The message felt like a lifeline—ﬁ nally, someone who shared her interests and seemed to want to connect genuinely. But weeks later, that innocent message had spiralled into a full-blown scam, leaving her emotionally drained and ﬁ nancially devastated. This story is far from unique. In today’s digital age, loneliness has become more than just an emotional burden—it’s a vulnerability that cybercriminals are keen to exploit. Social media, once hailed as a means of fostering connection, often leaves users feeling more isolated than ever before, turning them into easy targets for sophisticated scams. A substantial portion of a Chainalysis report focuses on the alarming rise of “romance-based” scams, which have become one of the most lucrative forms of ﬁ nancial exploitation involving of meaningful connections. “You could have hundreds of friends or followers on social media, yet still feel profoundly lonely if those connections are superﬁ cial or don’t provide the emotional support we all need.” This emot ional disconnec t ion /Loneliness today isan emotional burden, it is a vulnerability cybercriminals are looking to exploit Edge_Nov2024_26-33_Cover Story_13416085.indd 2824/10/2024 13:04COVER STORY Edge/ November 2024 29 Loneliness is one of the key factors that scammers exploit when targeting individuals through social media is the perfect breeding ground for cybercriminals. Our emotional guard is lowered as we scroll through endless posts, updates, and messages. Platforms like Threads and X, which should be safe spaces for sharing thoughts and networking, are increasingly turning into hunting grounds for cyber criminals. Innocent-seeming posts—“Looking for a friend in your city”—are often bait. The scam escalates slowly, with small requests for attention, emotional investment, and ﬁ nally, money or sensitive information. Morey Haber, Chief Security Advisor at BeyondTrust, adds, “Loneliness is one of the key factors that scammers exploit when targeting individuals through social media. “ Scammers have honed their skills, preying on the emotionally isolated by off ering fake friendships or romantic interests. A lonely person is likelier to /Platforms like Threads and X, which should be safe spaces for sharing thoughts and networking Edge_Nov2024_26-33_Cover Story_13416085.indd 2924/10/2024 13:04Next >