E-Business
Ransomware: Microsoft Gives Details of Attack, Decries Govts’ Inaction
Microsoft has stressed the need for urgent collective action to keep people safe online, following the world’s biggest cyberattack at the weekend, sending countries into ‘disaster recovery mode.
In a blog post, ‘Lessons from last week’s cyberattack’, Brad Smith, president and chief legal officer at Microsoft, said the global tech giant takes every single cyberattack on a Windows system seriously.
Starting first in the United Kingdom and Spain, the malicious “WannaCrypt” software quickly spread globally, blocking customers from their data unless they paid a ransom using Bitcoin.
The WannaCrypt exploits used in the attack were drawn from the exploits stolen from the National Security Agency, or NSA, in the United States, Smith said. “That theft was publicly reported earlier this year. A month prior, on March 14, Microsoft had released a security update to patch this vulnerability and protect our customers. While this protected newer Windows systems and computers that had enabled Windows Update to apply this latest update, many computers remained unpatched globally. As a result, hospitals, businesses, governments, and computers at homes were affected.
“All of this provides the broadest example yet of so-called “ransomware,” which is only one type of cyberattack”.
He lamented that, unfortunately, consumers and business leaders have become familiar with terms like “zero day” and “phishing” that are part of the broad array of tools used to attack individuals and infrastructure.
“We take every single cyberattack on a Windows system seriously, and we’ve been working around the clock since Friday to help all our customers who have been affected by this incident. This included a decision to take additional steps to assist users with older systems that are no longer supported. Clearly, responding to this attack and helping those affected needs to be our most immediate priority.
“At the same time, it’s already apparent that there will be broader and important lessons from the ‘WannaCrypt’ attack we’ll need to consider to avoid these types of attacks in the future. I see three areas where this event provides an opportunity for Microsoft and the industry to improve.
“As a technology company, we at Microsoft have the first responsibility to address these issues. We increasingly are among the first responders to attacks on the internet. We have more than 3,500 security engineers at the company, and we’re working comprehensively to address cybersecurity threats.
“This includes new security functionality across our entire software platform, including constant updates to our Advanced Threat Protection service to detect and disrupt new cyberattacks. In this instance, this included the development and release of the patch in March, a prompt update on Friday to Windows Defender to detect the WannaCrypt attack, and work by our customer support personnel to help customers afflicted by the attack.
“But as this attack demonstrates, there is no cause for celebration. We’ll assess this attack, ask what lessons we can learn, and apply these to strengthen our capabilities. Working through our Microsoft Threat Intelligence Center (MSTIC) and Digital Crimes Unit, we’ll also share what we learn with law enforcement agencies, governments, and other customers around the world.
“Second, this attack demonstrates the degree to which cybersecurity has become a shared responsibility between tech companies and customers. The fact that so many computers remained vulnerable two months after the release of a patch illustrates this aspect.
“As cybercriminals become more sophisticated, there is simply no way for customers to protect themselves against threats unless they update their systems. Otherwise they’re literally fighting the problems of the present with tools from the past. This attack is a powerful reminder that information technology basics like keeping computers current and patched are a high responsibility for everyone, and it’s something every top executive should support.
“At the same time, we have a clear understanding of the complexity and diversity of today’s IT infrastructure, and how updates can be a formidable practical challenge for many customers. Today, we use robust testing and analytics to enable rapid updates into IT infrastructure, and we are dedicated to developing further steps to help ensure security updates are applied immediately to all IT environments.
“Finally, this attack provides yet another example of why the stockpiling of vulnerabilities by governments is such a problem. This is an emerging pattern in 2017. We have seen vulnerabilities stored by the CIA show up on WikiLeaks, and now this vulnerability stolen from the NSA has affected customers around the world.
“Repeatedly, exploits in the hands of governments have leaked into the public domain and caused widespread damage. An equivalent scenario with conventional weapons would be the U.S. military having some of its Tomahawk missiles stolen. And this most recent attack represents a completely unintended but disconcerting link between the two most serious forms of cybersecurity threats in the world today – nation-state action and organized criminal action”.
Smith noted that the governments of the world should treat the attack as a wake-up call. “They need to take a different approach and adhere in cyberspace to the same rules applied to weapons in the physical world. We need governments to consider the damage to civilians that comes from hoarding these vulnerabilities and the use of these exploits.
“This is one reason we called in February for a new ‘Digital Geneva Convention’ to govern these issues, including a new requirement for governments to report vulnerabilities to vendors, rather than stockpile, sell, or exploit them. And it’s why we’ve pledged our support for defending every customer everywhere in the face of cyberattacks, regardless of their nationality. This weekend, whether it’s in London, New York, Moscow, Delhi, Sao Paulo, or Beijing, we’re putting this principle into action and working with customers around the world.
“We should take from this recent attack a renewed determination for more urgent collective action. We need the tech sector, customers, and governments to work together to protect against cybersecurity attacks. More action is needed, and it’s needed now. In this sense, the WannaCrypt attack is a wake-up call for all of us. We recognize our responsibility to help answer this call, and Microsoft is committed to doing its part”.
Brad Smith is Microsoft’s president and chief legal officer. Smith plays a key role in representing the company externally and in leading the company’s work on a number of critical issues including privacy, security, accessibility, environmental sustainability and digital inclusion, among others.
Nigeria Data Protection Commission (NDPC) has issued a regulatory advisory to data controllers and processors across the country following what it described as escalating threats to Nigeria’s data security architecture.
NDPC
In a statement signed by Babatunde Bamigboye, lead of Legal, Enforcement and Regulations, the commission said its technical assessment revealed that some shadowy threat actors were engaged in coordinated operations targeting financial systems and critical digital infrastructure in Nigeria.
The commission urged public institutions to comply with the presidential directive of Bola Ahmed Tinubu, which emphasises the strategic importance of data in national development.
According to the NDPC, the President had declared that “data is the new oil,” stressing the need for Ministries, Departments and Agencies (MDAs) to rigorously capture and safeguard information in line with the Nigeria Data Protection Act, 2023.
The commission therefore advised all data controllers and processors to urgently strengthen their technical and organisational measures to protect personal data and ensure compliance with the law.
It listed key measures to include the appointment of trained and certified Data Protection Officers, implementation of comprehensive privacy policies and information security standards, as well as conducting Data Privacy Impact Assessments.
Other measures recommended by the NDPC include deployment of robust identity and access controls such as Multi-Factor Authentication, adoption of zero-trust security architecture, prompt remediation of system vulnerabilities, and continuous patch management.
The commission also emphasised the need to secure cloud infrastructure, application programming interfaces (APIs), databases and access credentials, alongside real-time monitoring, logging and threat detection systems.
Further recommendations include encryption and secure credential handling, regular vulnerability assessment and penetration testing of critical systems, as well as routine backup and resilience testing.
The NDPC warned that organisations that fail to implement appropriate data protection measures in accordance with the Nigeria Data Protection Act, 2023 risk legal liabilities.
It reiterated its commitment to providing regulatory support to organisations while ensuring the protection of personal data and strengthening institutional resilience across all sectors.
The forex market across Africa is witnessing more participants and more regulatory attention than it did just a few years ago. This growth is part of a bigger picture: Sub-Saharan Africa is expected to expand by 4.3% in 2026, while global forex turnover already hit an estimated $9.6 trillion daily in April 2025. However, there’s more to it than macroeconomic figures.
The trends reshaping the market are happening from within. Here are six worth paying close attention to.
1. Trading Has Moved to the Phone
The number of people accessing the market via mobile phones exceeds those accessing it via traditional bank systems. GSMA states that in Sub-Saharan Africa alone, there are more than 1.1 billion registered mobile money accounts.
The International Monetary Fund states that digitalisation and increased usage of the internet are changing payment systems in the Sub-Saharan Africa region.
Mobile access changes traders’ behavior. It lowers the barrier to entry and speeds up deposits and withdrawals. Therefore, brokers who can provide a quality mobile trading experience will have a huge advantage.
2. Regulators Are Watching
The market is becoming more structured and more transparent. In South Africa, the FSCA regulates market conduct for financial institutions. In Kenya, the Capital Markets Authority regulates capital markets and maintains a licensing system that includes online forex brokers.
Nigeria’s SEC has publicly warned that online retail forex trading can be subject to abuse when unregulated. It also provides tools for investors to check operators’ registrations.
As a result, in 2026, more traders are likely to favour brokers that can show clear licensing, transparent operations, and stronger investor safeguards.
3. Volatility Varies by Country
A common mistake is perceiving the African market as one entity. In reality, according to RegTech Afrika, there are 21 countries out of a total of 54 that have a chance of seeing their currencies depreciate in 2025, with some of them losing value by as much as 6% or more.
A trader watching the rand, naira, shilling, or cedi, regional headlines needs more than regional headlines. Country-level macro data, central bank moves, and the US dollar will still play a major role.
4. Cross-Border Payment Infrastructure Is Quietly Improving
Platforms like PAPSS are helping make payments across African countries faster and easier to complete in local currencies. According to official announcements of PAPSS, it has become operational in 18 countries across Africa, with its latest launch in Algeria in 2025. It has also become operational in Kenya through a partnership with KCB Group, as well as in Rwanda through a partnership with Bank of Kigali.
Step by step, Africa is becoming a more financially connected continent.
5. Execution Quality Is the New Standard
Data from the BIS shows that in April 2025, three-quarters of FX trades were intermediated by the global centers of the United Kingdom, the United States, Singapore, and Hong Kong. Therefore, the best liquidity and best prices are still linked to global conditions.
For local markets, this raises the bar. Forex traders are becoming increasingly aware that tight spreads, while important, mean little without reliable prices and execution. Brokers like JustMarkets that can bring all of these elements together are in a much stronger position than competitors.
6. Education as a Necessity
Regulatory disclosures from major global brokers illustrate how tough it is to trade without proper knowledge. According to publicly available disclosures, between 70% and 80% of retail investor accounts lose money when trading CFDs.
Forex traders who understand risk management and which financial news to follow have a better chance of surviving the market. Brokers who invest in education are more likely to be seen by traders as valuable partners rather than mere facilitators.
The Market Rewards the Prepared
Africa’s forex market in 2026 is shaped by volatility, stricter rules, and mobile-first trading. The traders who combine market knowledge with the right tools and the right broker will find real opportunity here, while those who don’t adapt will find the market increasingly unforgiving.
Corporate Affairs Commission (CAC) has raised alarm over a cybersecurity incident involving unauthorised access to parts of its information systems, urging users to update their login credentials as a precaution.
In a public notice yesterday, CAC, informed stakeholders that the Commission is currently reviewing the breach and assessing its potential impact.
According to the Commission, response protocols have been activated, with containment measures already in place to safeguard affected systems.
The CAC stated that it is working closely with the National Information Technology Development Agency (NITDA) and other relevant government agencies and partners to determine the scope of the incident and prevent further compromise.
“Appropriate containment measures have been implemented, and additional safeguards are in place,” the Commission stated, while advising users to monitor activities on the CAC portal and remain cautious of unsolicited communications that may arise from the breach.
Reports online claim that as many as 25 million documents may have been exfiltrated from the Commission’s infrastructure.
The claims, attributed to a cybercrime-tracking account, have not been independently verified, and the CAC has not confirmed the figures or identified any perpetrators.
The development has raised fresh concerns over the security of Nigeria’s corporate registry, particularly given the Commission’s increasing reliance on digital systems.
In February 2026, the CAC disclosed that it processes up to 10,000 business registration requests daily, following the deployment of artificial intelligence across its service delivery platforms.
It also handles an average of 5,000 customer enquiries each day via emails and call centres.
Despite the breach, the Commission reaffirmed its commitment to maintaining the integrity and security of its systems, assuring stakeholders that updates will be provided as investigations progress.
MTN Suspends Data, Airtime Borrowing Service over New FCCPC Lending Rules
Nigeria Customs Deploys AI to Cover Revenue Leaks
Top 7 Reliable Virtual Cards for Running Ads in Nigeria
Nokia, Orange Partner on AI-native 6G Networks
NDPC Issues Critical Advisory as Hackers Target Nigeria’s Key Digital Systems
Kuda MFB Increases Kuda for Her Business Grants to ₦10 Million
Canal+ to Cut Jobs as Part Sweeping Restructuring
Nigeria tops global rankings for USDT, USDC ownership
NBC Boss Urges Content Ceators to Participate in DSO
NITDA Takes Over National Digital Architecture System
General News2 days agoGuinness Nigeria Surpasses ₦1Trillion Market Capitalisation, Signalling Strong Investor Confidence and Sustained Value Creation
News2 days agoCISA Asks NDPC, Police to Act on Alleged Data Breach by NIPSS
Telecom2 days agoAmazon Satellite to Challenge Starlink in Africa with Globalstar Acquisition
E-Financial2 days agoFG Investigates ‘Sharp Sharp’ Loan Operators over Alleged Privacy Violations
E-Financial2 days agoEcobank Delivers Strong Results, Posts $801m in Pre-Tax Profit for 2025
News2 days agoTinubu Tasks NRS to Restore Public Trust Amid Fiscal Changes
Broadcasting2 days agoFela Makes History as First African to be Inducted into Rock and Roll Hall of Fame
News2 days agoKaspersky Reports Online Scam Exposure Remains Widespread Despite High Levels of Self-assurance