Cyprus on the cloud: innovation takes centre stage

By Souzana Psara

Cloud computing is more than just a passing buzzword, it is a transformative force driving the digital revolution in Cyprus, entrepreneur driving technological innovation on the island Xanthos Symeou told the Cyprus Mail.

Symeou explained that with its ability to streamline operations, enable innovation and enhance cybersecurity, cloud computing is empowering us to build a more connected, efficient and advanced society.

“It is the backbone of our digital transformation journey, propelling us towards a future where we leverage technology to create new opportunities for growth and success,” Symeou said.

Recognising the increasing demand for cloud services and solutions, Symeou founded Cloud Nomads, a company committed to addressing these needs and leading the cloud uprising in Cyprus. “Regarding the evolution of the cloud industry in Cyprus, I believe that we will witness increased adoption of cloud services across businesses and government agencies, the growth of specialised cloud solutions tailored to Cyprus’ unique needs, and a greater emphasis on hybrid and multi-cloud strategies for flexibility,” Symeou said.

Cloud Nomads was established as an AWS (Amazon Web Services) Advanced Partner in response to the growing demand for cloud services in the region. With a team of certified AWS professionals and strategic collaborations with AWS and other technology providers, it has diversified its offerings to encompass various cloud solutions, including infrastructure and advanced analytics.

“Our focus on quality has earned us AWS Advanced Partner status, positioning us as a significant contributor to regional digital advancements by delivering inventive cloud solutions,” Symeou said.

The adoption of cloud services in Cyprus has seen a steady rise, with significant growth observed in recent years. According to the Digital 2023: Cyprus report by Datareportal, 78 per cent of businesses in Cyprus have already embraced cloud services, and this number is expected to increase to 81 per cent by 2023.

Furthermore, a report by Market Research Future highlights that the cloud application services market in Cyprus generated over £152 billion in end-user spending in 2021, with a forecast of over £208 billion by 2023.

“The benefits of the cloud for businesses in Cyprus encompass cost savings, scalability, improved disaster recovery and business continuity, and access to advanced technologies. These advantages will evolve as cloud technologies continue to advance, providing even greater cost savings, scalability and resilience,” Symeou added.

However, the growth of the cloud industry in Cyprus does not come without challenges.

“Over the next decade, we anticipate cybersecurity threats and data privacy concerns, regulatory complexities and compliance requirements, managing increased demand for cloud resources and a talent shortage in cloud technology,” he said.

Cloud Nomads is fully committed to addressing these challenges head-on. “Addressing concerns and challenges related to data privacy and security is crucial to the success of the cloud industry in Cyprus. Companies can tackle these issues by strengthening data encryption and access controls, conducting regular security audits and compliance checks, providing education and resources to clients for data protection, and collaborating with regulatory bodies to ensure compliance”.

In addition to addressing challenges, Cloud Nomads is actively exploring emerging technologies like artificial intelligence (AI) and the Internet of Things (IoT) to reshape the cloud landscape in Cyprus.

“The impact of emerging technologies such as AI and IoT is expected to be significant in the coming years, and it will influence the cloud infrastructure and services in Cyprus. We will witness AI-driven automation, the IoT generating vast amounts of data, integration of AI for predictive analytics in cloud services, and enhanced security measures to protect IoT devices and data,” Symeou said.

He drew attention to the company’s investment in AI-driven automation to optimise cloud resource allocation and its commitment to leveraging IoT capabilities for processing and storing vast amounts of data in the cloud. “Embracing innovation is a core value of Cloud Nomads. We believe that by fostering an innovation-driven culture, we can create groundbreaking solutions that drive the digital revolution forward”.

Two recent case studies by Amazon Web Services (AWS) highlight how cloud technology can revolutionise different industries in partnership with companies like AWS. “The adoption of cloud technologies in different industries in Cyprus is expected to experience significant growth in the next few years. Sectors such as finance, healthcare and education are likely to undergo greater cloud adoption, leading to improved efficiency, collaboration, customer engagement and enhanced data analytics for better decision-making,” Symeou said.

The first case study, featuring a company based in Cyprus called Windsor Brokers showcases how leveraging AWS capabilities enhanced its operations, resulting in significant improvements in efficiency and scalability.

The second case study, featuring another Cyprus-based company, Aeon Payment Technologies, demonstrates how embracing the cloud can lead to groundbreaking innovations. Aeon’s partnership with AWS & Cloud Nomads enabled them to optimise existing processes and unlock new opportunities, allowing them to stay competitive and responsive to evolving market demands.

These case studies demonstrate the transformative power of cloud technology.

“To remain competitive in the cloud industry, it is essential to stay up to date on the latest trends and developments by continuously monitoring industry news, investing in research and development, and establishing partnerships with technology innovators,” Symeou said.

“Our partnership with AWS has enabled us to harness the full potential of the cloud and deliver compelling solutions that drive efficiency and innovation,” he added. Additionally, establishing partnerships with technology innovators ensures Cloud Nomads can continue delivering cutting-edge cloud solutions to their clients.

Reflecting its commitment to industry collaboration and innovation, Cloud Nomads successfully organised the AWS Migration event in June. “We are proud to provide a platform for industry experts to share their expertise and best practices for successful AWS migrations,” Symeou said.

The event brought together top experts in the field, tech enthusiasts, banking sector entrepreneurs, and maritime company representatives. It served as a platform to educate local businesses about the dynamic capabilities of AWS and highlighted the increasing importance of cloud computing in Cyprus’ business environment.

“The role of cloud service providers in Cyprus is expected to transition from infrastructure providers to solution enablers. Cloud service providers can offer specialised industry solutions and consulting services, invest in edge computing capabilities for low-latency applications, and partner with local businesses to drive innovation and deliver customised solutions,” Symeou stressed.

The company actively participates in industry associations and consortiums, supports startups, hosts innovation challenges, and collaborates with universities and research institutions. These initiatives drive innovation and enable this company to meet the diverse needs of its clients.

The cloud industry in Cyprus is experiencing remarkable growth, driven by increasing adoption and an understanding of the benefits it offers. Leaders like Xanthos Symeou are playing an important role in driving this change.

“Hybrid cloud solutions play a crucial role in Cyprus as they cater to the unique needs of businesses in the region, providing flexibility for businesses with on-premises requirements, ensuring compliance with data residency regulations, facilitating gradual cloud adoption and legacy system integration, and offering cost-effective solutions for businesses with fluctuating workloads,” he concluded.