< PreviousCOVER STORY 30 Edge/ November 2024 engage with strangers online, even if something feels off . Once the victim is emotionally invested, scammers can start asking for personal information or money, leveraging the trust they’ve built.” But loneliness isn’t the only factor at play. The rise of digital fatigue—where constant notifi cations and the need to be perpetually online drain our mental resources—leaves people even more susceptible to cyber threats. Brandon Muller, a technical expert at Kaspersky, warns of this troubling intersection between fatigue and cyber risk. “The constant infl ux of emails, messages, and alerts is exacerbating digital fatigue,” says Muller. “Employees face hundreds of decisions daily, and over time, this cognitive load makes them more prone to errors and lapses in judgment.” In this state of mental exhaustion, scams like phishing—one of the most common forms of cybercrime—become far more eff ective. Fatigued employees are less likely to spot the warning signs of phishing emails, especially as these attacks become more sophisticated. Phishing emails, posing as legitimate sources, can deceive even the most cautious users into revealing sensitive information. A report by Kaspersky states that even though advanced technologies like artifi cial intelligence (AI) and machine learning are helping to improve effi ciency, workers are under signifi cant strain. This can result in digital fatigue that not only negatively impacts an employee’s well- being and productivity versus higher rates of burnout, but also risks opening /Digital Fatigue and loneliness are key factors that come into play to be cyber vulnerability Edge_Nov2024_26-33_Cover Story_13416085.indd 3024/10/2024 13:04COVER STORY Edge/ November 2024 31 deceive—pose a serious risk in corporate settings,” he explains. These digital forgeries, which mimic voices and likenesses, can be used to impersonate executives or colleagues, authorising fraudulent transactions or gaining access to sensitive information. In an age of digital fatigue, distinguishing real from fake becomes harder, putting individuals and companies at risk. The Chainalysis report emphasises how scammers use social media accounts in romance-based scams to create a facade of legitimacy and build trust with potential victims. They often purchase established accounts with a long history on platforms like LinkedIn, Reddit, or Facebook. These accounts might have been active for years and built up a sense of authenticity and reliability, which scammers exploit to initiate contact with victims. By using these long-standing profi les, scammers can appear more credible and trustworthy, making it easier for them to engage in conversations and build relationships that can lead to scams. the company to a range of cyberthreats, from phishing to deepfakes. “Fatigued employees are more likely to miss the warning signs of a phishing email,” explains Muller, adding that the sheer volume of digital communications we now face makes it easy for scams to slip through. Even more insidious is the rise of deep fake technology, which Muller says contributes to increasingly convincing scams. “Deepfakes—highly convincing audio or video content manipulated to As digital fatigue takes its toll, the emotional isolation caused by social media is creating a perfect storm for cybercriminals to strike /Fatigued employees are more likely to miss the warning signs of a phishing email Edge_Nov2024_26-33_Cover Story_13416085.indd 3124/10/2024 13:05COVER STORY 32 Edge/ November 2024 The types of social media accounts that scammers buy for romance-based scams typically have a substantial history and appear to belong to regular, everyday people. Rather than impersonating high-profi le celebrities or public fi gures, scammers prefer accounts that seem relatable—like those of someone who could be a peer, a potential friend, or even a romantic interest. As the lines between our online and offl ine worlds blur, the emotional toll of digital isolation is becoming more apparent. Yaff e believes that stepping away from screens and focusing on real-world connections is essential for emotional well-being and personal security. “It’s about stepping out of our comfort zone, which in today’s world happens to be the digital space, and remembering the value of genuine human connection,” she advises. “Talking on the phone or meeting someone in person is a much richer experience. You pick up on so many more nuances—the tone of their voice, facial expressions, and body language. These elements deepen the connection and make it feel more personal.” Kaspersk y’s f indings on digital fatigue underscore how this emotional disconnection also makes us more vulnerable to cybercrime. A recent report shows that 60 per cent of employees feel increased burnout due to the constant need to be online, and 58 per cent believe that digital communications make them feel like they need to be available more often. This continuous pressure erodes decision-making abilities, making employees more prone to phishing attacks, deepfakes, and other forms of digital fraud. And it’s not just individuals who are at risk. Companies, too, are grappling with the consequences of digital fatigue and cyber threats. Muller suggests that businesses can reduce risk by adopting proactive measures, such as cybersecurity training tailored to employee roles and experience levels and investing in automated cybersecurity tools. “Organisations can take meaningful steps to suppor t their employees while still protecting the business from cyber threats,” he advises, pointing to automated threat detection and response systems as critical tools for mitigating human error. The solution, however, goes beyond technology. It requires a cultural shift in how we interact with the digital world. Yaff e encourages us to be more mindful of our online habits and make space for more meaningful relationships offl ine. “By limiting time spent online, we create space to invest in those deeper relationships, which can be far more fulfi lling in the long run,” she says. Haber echoes this sentiment, adding that social media companies must do more to protect users The types of social media accounts that scammers buy for romance-based scams typically have a substantial history and appear to belong to regular, everyday people. Rather than impersonating high-profi le celebrities or public fi gures, scammers prefer accounts that seem relatable—like those of someone who could be a peer, a potential friend, or even a romantic interest /The social media accounts that scammers generally have a substantial history Edge_Nov2024_26-33_Cover Story_13416085.indd 3224/10/2024 13:05COVER STORY Edge/ November 2024 33 from scams, while users must be vigilant about online interactions. “Social media platforms need to evolve quickly, and users need to become more cautious about the kind of information they share online,” he says. This includes using two-factor authentication, limiting personal data shared publicly, and being mindful of who we engage with on social platforms. As our world becomes increasingly digital, the threat landscape expands, and so do the emotional and psychological risks we face. Loneliness, digital fatigue, and cybercrime are more intertwined than we realise. Decision fatigue can creep in without us even noticing in a world brimming with endless choices. The good news is that we can regain control by establishing routines that conserve mental energy for more signifi cant tasks and delegating or automating less critical decisions. “The demands of the digital workplace are not going away. Fortunately, organisations can take meaningful steps to support their employees while protecting the business from cyber threats. By addressing the root causes of decision and digital fatigue, companies can reduce the risk of successful phishing, deepfakes, and other sophisticated cyberattacks,” concludes Muller. The decision-making process becomes more explicit by focusing on key data and minimising distractions. Narrowing down options by identifying essential criteria, seeking advice, and cutting through the noise of information overload can also help. Being mindful of the signs of decision fatigue, such as irritability or procrastination, allows us to pause and reset. Sometimes, a simple walk or eye exercise can work wonders for recharging our minds. Finally, staying alert when receiving unfamiliar messages or conducting fi nancial transactions is crucial—our clarity remains our most vigorous defence. /Staying alert when receiving unfamiliar messages or conducting financial transcations is crucial /There is a growing need for social media platforms to evolve quickly Edge_Nov2024_26-33_Cover Story_13416085.indd 3324/10/2024 13:05INTERVIEW 34 Edge/ November 2024 In this interview, we explore the Stephane Timpano, CEO, Aspire’s journey, whose path to innovation was shaped by a blend of curiosity, determination, and diverse experience. From an early start in political science and economics to making a signifi cant mark in tech and AI, they have played a pivotal role in driving disruptive technologies forward. Here, Timpano shares insights into his background, the challenges of leadership, and the innovations that are shaping the future. Could you share your background and what sparked your interest in technology? I’ve always been passionate about technology and innovation, despite not having an engineering background or a PhD in sciences. Born in France with Italian heritage and a French education, I studied Political Science and Economics before earning an MBA from Bocconi University in Italy. My career spans 20 years in consulting with EY and Bain, specialising in Telecom, Media, and Tech industries across 30+ countries. I’ve also held executive roles in media, including at EMI Group and News Corp. Throughout my journey, I’ve gravitated towards disruptive innovations, which are central to my work today. What was your fi rst experience in tech product development? During my time at News Corp, I contributed to the creation of SkyGo, the company’s fi rst streaming app. This was around 2008/2009, when Netfl ix was starting to emerge. We built an excellent product, but internal hesitation prevented full commitment to online streaming. Netfl ix capitalised on this, ultimately dominating the market. This taught me that hesitation can be costly in tech—if you don’t act quickly, someone else will. Was your path into the tech sector well- planned, or was it more of a serendipitous journey? It wasn’t meticulously planned. My consulting and media career exposed me to technology’s transformative power. My journey has been driven by curiosity and a belief in technology’s potential to create lasting change. This led me to ASPIRE and A2RL, where I focused on pushing the boundaries of innovation. Can you describe the signifi cant products and innovations your company has introduced recently? In 2024, ASPIRE concentrated on Robotics, Autonomy, and AI. We hosted the Mohammed Bin Zayed International Robotics Competition (MBZIRC), featuring over 50 academic, research, and industry teams. This year also saw the launch of A2RL, the Abu Dhabi Autonomous Racing League, where AI-powered autonomous SuperFormula cars raced at Yas Marina Circuit. These initiatives demonstrated the potential of AI and robotics to revolutionise industries and pave the way for broader technological applications. What impact have these innovations had on the industry? A2RL has set a new standard in AI- powered sports, showcasing the immense promise of autonomous technology. Beyond entertainment, it has far-reaching implications for mobility solutions and road safety. The algorithms and systems developed through A2RL could be integrated into everyday vehicles, helping reduce human error and making our roads safer. How do you typically begin your day, and what’s the one task you ensure is done daily? FROM LEGO BRICKS TO AI TRICKS How Stephane Timpano, CEO, ASPIRE, is Building Autonomous Racing Leagues and Game-Changing AI Solutions Words by Sindhu V Kashyap /Stephane Timpano, CEO, ASPIRE Edge_Nov2024_34 - 35_Interview_13406536.indd 3424/10/2024 13:06INTERVIEW Edge/ November 2024 35 I’m an early riser, starting my day at 5 am. I use the early hours for breakfast and emails, ensuring that by 7 am, I’ve tackled all urgent matters. This allows me to stay ahead and maintain a proactive approach throughout the day. How does your company promote diversity and inclusion? At ATRC, diversity is at the core of our innovation strategy. Our team includes over 83 nationalities, with a strong representation of talented Emirati and expatriate women. This diversity drives the broad range of perspectives and ideas necessary for our cutting-edge projects. How important is the MENA region for your organisation? The MENA region’s tech-forward mindset /ASPIRE aims to connect regional needs with research /A2RL has a new standard in AI-powered sports makes it vital for our organisation. Its openness to AI and autonomy creates a fertile environment for innovation. At ASPIRE, we aim to connect regional needs with cutting-edge research driven by our colleagues at the Technology Innovation Institute (TII). This helps position the MENA region as a global leader in technological advancements. What is the most challenging part of leading a team? The most challenging part is ensuring that each team member feels heard and valued, especially during tough decisions. Balancing vision with empathy is essential for eff ective leadership. What is your leadership style, and how has it evolved? My leadership style prioritises listening, preparedness, and leading by example. Over the years, I’ve learned that being open to feedback, having contingency plans, and setting the right tone are crucial for success. What hobbies or activities help you unwind? I’m an avid Lego builder, with over a million pieces dedicated to creating intricate Star Wars vessels. My most ambitious project has been designing and building the Nebulon-B Frigate from scratch. It’s a blend of creativity, patience, and precision—qualities that resonate with my professional life. What advice would you give to your younger self? I would tell my 25-year-old self to be patient and focus on building solid foundations. Success comes from preparation and careful planning—there’s no need to rush. What are your plans for ASPIRE? Our vision is to drive innovation through Robotics, AI, and other advanced technologies. We’ll continue to explore areas like Quantum Physics, Biotechnology, and Advanced Materials, launching transformative solutions that can make a global impact. Edge_Nov2024_34 - 35_Interview_13406536.indd 3524/10/2024 13:06FEATURE 36 Edge/ November 2024 ecos ys te m,” says Arushi Goel, Head of Policy for the Middle East and Africa at Chainalysis. “A robust and evolving regulatory framework further supports this engagement.” While centralised exchanges (CEXs) are dominant, decentralised fi nance (DeFi) is gaining ground, particularly in Saudi Arabia and the UAE. Saudi Arabia’s youthful population, with 63 per cent under 30, is driving interest in DeFi, where decentralised exchanges (DEXs) are becoming popular. The country’s young, tech-savvy demographic creates an ideal environment for fi nancial innovations. Similarly, the UAE is adopting DeFi at a rate above the global average, supported by a solid regulatory framework. “Regulatory clarity, particularly in the UAE, plays a crucial role. It allows people to understand their legal standing, encourages rational economic decisions, and prevents misuse,” says Eric Jardine, Cybercrime Research Lead. He adds that MENA’s signifi cant youth population accelerates crypto adoption, as younger people tend to embrace new technologies faster. The UAE’s Virtual Assets Regulatory Authority (VARA) plays a pivotal role in this ecosystem. Acco rd i n g to VARA’s managing director and vice chairper son, Deepa R a ja Carbon, over 1,000 entities involved in crypto activities have been identifi ed in Dubai alone, and licensing processes are underway. In contrast, Türkiye and Qatar remain more reliant on CEXs, but recent regulatory changes in Qatar may soon boost the growth of decentralised platforms. Qatar’s 2024 digital assets regime, launched by the Qatar Financial Centre, lays the groundwork for digital asset innovation, The Middle East and Nor th A f r i c a ( M E N A ) r e g i o n i s rapidly becoming a global contender in the cryptocurrency space, ranking seventh worldwide by 2024. Between July 2023 and June this year, MENA countries received $338.7 billion in on-chain value, representing 7.5 per cent of the world’s total transaction volume. Although still behind larger markets, MENA’s swift growth signals a notable shift in the global cr ypto landscape, with Türkiye and Mo r o c c o a t th e forefront. Türkiye generated $137 billion, while Morocco’s market accounted for $12.7 billion. The majorit y of MENA’s cr ypto activity is dominated by institutional and professional transactions, with 93 per cent of transfers exceeding $10,000, indicating the influence of serious investors. “Traditional f inancial institutions such as banks are actively exploring th e i r r o le s with i n th e c r ypt o Regulatory clarity plays a crucial role, particularly in the UAE. It allows people to understand their legal standing, encourages rational economic decisions, and prevents misuse FROM STABLECOINS TO DEFI How MENA is Becoming a Global Crypto Hub Words by Sindhu V Kashyap BUSINESS Edge_Nov2024_36-37_Saudi and UAE crypto_13409015.indd 3624/10/2024 13:07FEATURE Edge/ November 2024 37 enhancing the country’s fi ntech landscape. DeFi’s potential to foster fi nancial inclusion is particularly relevant in MENA, where less than half of adults (excluding high-income economies) had bank accounts in 2021. By providing access to loans and savings without intermediaries, DeFi off ers an appealing alternative for underbanked populations. St ablecoins and altcoins are also gaining trac tion in M EN A . Türkiye, Saudi Arabia, and the UAE are leading the charge. Türkiye’s economic instability and high infl ation have made stablecoins a preferred asset class. The country is the world leader in stablecoin trading volume relative to GDP, with its population seeking stable stores of value amid currency devaluation. The UAE, meanwhile, is using stablecoins as a gateway to broader crypto services. Israel and Saudi Arabia are more inclined towards altcoins, driven by investors eager to diversify beyond Bitcoin and Ethereum. The UAE continues solidifying its position as a MENA crypto leader, receiving over $30 billion in crypto value between July 2023 and June 2024. The country’s crypto activities span all transaction sizes, creating a balanced ecosystem. The total value received by DeFi services in the UAE rose 74 per cent year-on-year, with DEX activity increasing by 87 per cent. VARA’s collaborative regulator y approach has attracted international players, positioning the UAE as a hub for DeFi and blockchain innovation. In Türkiye, stablecoins dominate due to persistent infl ation, with the country leading the world in stablecoin trading volume relative to GDP. This refl ects the close relationship between infl ation rates and stablecoin adoption. “We see football team coins and fancy tokens in the top traded volumes,” says Francisco Maroto, Head of Blockchain at BBVA, highlighting Türkiye’s strong retail engagement in crypto. Saudi Arabia and Qatar are MENA’s fastest-growing crypto markets. Saudi Arabia’s market expanded by 154 percent year-on-year, spurred by blockchain innovations, central bank digital currency (CBDC) initiatives, and a youthful population. Qatar’s cr ypto market also grew by 120 percent, boosted by regulatory developments. Looking ahead, Jardine points out that while macroeconomic conditions could aff ect adoption rates, the youth demographic and regulatory clarity in countries like the UAE are long-term growth drivers. “Once people enter the crypto space, they tend to stay, even if their participation evolves,” he says, predicting steady adoption growth across the region. As institutional interest and DeFi adoption reshape MENA’s financial landscape, the region is fast emerging as a signifi cant player in global cryptocurrency. Centralised exchanges still dominate, but the rise of DeFi and stablecoins points to a more decentralised future, with regulatory frameworks crucial in sustaining this growth. As blockchain technology becomes more embedded in global fi nance, MENA, led by Türkiye and the UAE, is taking its place on the world stage. /Saudi Arabia’s youthful population with 63% under 30, is driving interest in DeFi /The UAE continues solidifying its position as a MENA crypto leader Edge_Nov2024_36-37_Saudi and UAE crypto_13409015.indd 3724/10/2024 13:07PODCAST 38 Edge/ November 2024 At Hub71, we pride ourselves on being a close-knit community, supporting founders through the highs and lows of their journeys In September, Hub71, Abu Dhabi’s global tech ecosystem, announced its Cohort 15, welcoming over 21 startups and raising the total number of ventures it supports to 243. These tech companies, part of Hub71’s Access programme and specialist ecosystems like Hub71+ Digital Assets and Hub71+ ClimateTech, have collectively raised $134.9 million in funding. The startups in Cohort 15 were selected from over 1,228 applications, with 17 of them founded in international markets, including the USA, the UK, France, and Germany. Among the notable participants is EpiBone, a US-based healthtech company that has secured $43 million (AED 158 million) in funding and is joining Hub71’s Access programme. Meanwhile, Partanna Oasis, a materials science company that produces carbon- negative concrete and is co-founded by NBA legend Rick Fox, has raised $26 million (AED 98 million) and will be part of Hub71+ ClimateTech. How Hub71 is Turning UAE into a Global Tech Paradise TECH ON EDGE /Hub71 new cohort announcement /In September 2024, Hub71 welcomed over 21 startups GLOBAL VISION, LOCAL IMPACT Words by Sindhu V Kashyap In addition, Greengage, a UK-based Web3 fi ntech fi rm off ering solutions for SMEs and family offi ces, raised $10 million (AED 36 million) and will join the Hub71+ Digital Assets specialist ecosystem. By joining Hub71, these startups are establishing operations in Abu Dhabi, reinforcing the city’s growing reputation as a leading global tech hub and an attractive destination for entrepreneurial growth. During a recent podcast, Ahmad Ali Alwan, CEO of Hub71, and Peter Abou Hachem, Head of Growth and Strategy, shared insights into Hub71’s journey. Alwan and Hachem refl ected on the evolution of Hub71, which has brought together a once fragmented Middle East startup ecosystem into a thriving tech community. Alwan and Hachem highlighted the importance of agility and strong community bonds in Hub71’s success. Alwan emphasised the signifi cance of staying connected with startups and how many have become partners or friends. However, he noted that while listening to the community is essential, transforming ideas into actionable initiatives is the real challenge. Edge_Nov2024_38-39_Hub71_13415293.indd 3824/10/2024 13:08PODCAST Edge/ November 2024 39 “Our startup mindset allows us to remain agile,” said Alwan. “Our most vital asset is our bond with the community. We maintain close communication with our startups, and listening to their needs is key. However, it’s the implementation that truly tests us.” On the other hand, Hachem refl ected on the early challenges of developing incentive schemes and building partnerships with essential service providers, such as those off ering health insurance and offi ce spaces. He stressed that once a vision is set, the UAE’s ecosystem ensures delivery. “We’ve been fortunate to operate within a government and ecosystem that believes in building a tech hub,” Hachem remarked. focusing on Abu Dhabi’s economic prosperity, eventually led him to Hub71. Hachem’s background in civil engineering and strategy consulting provided the skills to navigate the complexities of building a tech hub from scratch. He explained there were no established benchmarks for what they were trying to achieve at Hub71, which required creativity and out-of-the-box thinking. When asked about planning Hub71’s initiatives, Alwan credited the team’s ability to tailor programmes to the specifi c objectives of diff erent stakeholders. Feedback from startups helped them iterate and improve their offerings, moving from a fi xed incentive programme to a more fl exible model, which includes SAFE notes for some companies. Hachem added that Hub71 is now concentrating on its strengths, such as the growing number of sector-specifi c hubs like the Digital Asset Hub. This focused approach allows Hub71 to deliver more value to startups in specialised industries. As generative AI technology rapidly advances, Hub71 is adapting. Alwan noted that while AI is not new to their ecosystem, generative AI has broadened access to these technologies in ways that were not possible before. He hinted at signifi cant AI initiatives that Hub71 is preparing to launch, although he could not share details at this stage. Finally, both Alwan and Hachem off ered advice to startups and founders. Alwan stressed the importance of resilience and having a strong support system. “At Hub71, we pride ourselves on being a close-knit community, supporting founders through the highs and lows of their journeys.” Hachem agreed, adding that success comes from being surrounded by the right community and ecosystem. “When you’re in a strong community, everything else—hiring the right people, raising funds—falls into place.” $134.9 M funding raised by Hub71 startups $134.9 M funding raised by Hub71 startups “That belief has pushed us forward.” Looking towards the future, Hachem described the next phase of Hub71’s growth. While the early stages involved building the platform for startups, the focus has shifted to scaling and expanding globally. “The UAE alone isn’t enough to build a global ecosystem; we must look beyond,” he stated. “We aim to be among the top 10 global tech hubs, helping our startups scale internationally.” Alwan and Hachem come from a traditional tech or startup background. Alwan, who studied International Relations with a minor in Psychology, has always wanted to contribute to community development. His work at Mubadala, /By joining Hub71, the startups reinfornce Abu Dhabi’s reputation as a global tech hub /Hub71 is now focussed on growing sector specific hubs Edge_Nov2024_38-39_Hub71_13415293.indd 3924/10/2024 13:08Next >