FX volatility, AI attacks raise Africa’s cybersecurity costs
P
Punch Newspaper
Reported by Jide Ajia
Thu, 5 Nov 2026, 23:12
Photo courtesy of Punch Newspaper · Verified via News Stand NG
Source Attribution: Punch Newspaper
News Stand NG operates under ethical news aggregation guidelines. Source: Punch Newspaper. To read the unabridged investigative reporting and full gallery, visit the original publication.
Foreign exchange volatility, increasingly sophisticated cyberattacks and tightening data protection requirements are raising the cost of cybersecurity for businesses across Africa, as organisations struggle to protect their expanding digital operations with limited financial and technical resources. The 48 pages report, which examines cybersecurity developments in Nigeria, Kenya and South Africa, said the increasing use of AI was making cyberattacks more sophisticated and difficult for businesses to detect, adding to the financial and operational risks associated with Africa’s digital expansion.
Context & Background
✦Commenting on the findings, the Chief Executive Officer of Heirs Technologies, Obong Idiong, said Africa’s digital expansion needed to be supported by stronger security foundations.
Key Figures & Named Entities
2026:A report by Heirs Technologies, titled ‘Africa’s Cybersecurity Landscape 2026,’ found that more than 55 per cent of observed cybercrime cases across Africa now incorporate artificial intelligence, with attackers using the technology to automate phishing, impersonate individuals through deepfakes and steal digital authentication credentials.2027:In Nigeria, enforcement of the Nigeria Data Protection Act and the Central Bank of Nigeria’s directive requiring domestic payment data to be hosted locally by January 1, 2027, is adding data sovereignty considerations to financial institutions’ technology and security decisions.
Outlook & Next Steps
Follow original publisher reporting for subsequent developments, official responses, and verified updates.
Key Takeaways
Verified Extract
✦Foreign exchange volatility, increasingly sophisticated cyberattacks and tightening data protection requirements are raising the cost of cybersecurity for businesses across Africa, as organisations struggle to protect their expanding digital operations with limited financial and technical resources.
✦The 48 pages report, which examines cybersecurity developments in Nigeria, Kenya and South Africa, said the increasing use of AI was making cyberattacks more sophisticated and difficult for businesses to detect, adding to the financial and operational risks associated with Africa’s digital expansion.
✦Commenting on the findings, the Chief Executive Officer of Heirs Technologies, Obong Idiong, said Africa’s digital expansion needed to be supported by stronger security foundations.
Key Facts:2026: A report by Heirs Technologies, titled ‘Africa’s Cybersecurity Landscape 2026,’ found that more than 55 per cent of observed cybercrime cases across Africa now incorporate artificial intelligence, with attackers using the technology to automate phishing, impersonate individuals through deepfakes and steal digital authentication credentials.2027: In Nigeria, enforcement of the Nigeria Data Protection Act and the Central Bank of Nigeria’s directive requiring domestic payment data to be hosted locally by January 1, 2027, is adding data sovereignty considerations to financial institutions’ technology and security decisions.
Editorial Excerpt
Foreign exchange volatility and sophisticated AI-powered attacks are increasing cybersecurity costs for businesses across Africa, a new report has found.
Frequently Asked Questions About This Story
What is the latest development regarding Central Bank of Nigeria?
Foreign exchange volatility, increasingly sophisticated cyberattacks and tightening data protection requirements are raising the cost of cybersecurity for businesses across Africa, as organisations struggle to protect their expanding digital operations with limited financial and technical resources.
Who are the key organizations or public figures mentioned?
The primary parties identified in this coverage include Central Bank of Nigeria, Naira & Foreign Exchange Policy.
What timeline or key figures were confirmed?
A report by Heirs Technologies, titled ‘Africa’s Cybersecurity Landscape 2026,’ found that more than 55 per cent of observed cybercrime cases across Africa now incorporate artificial intelligence, with attackers using the technology to automate phishing, impersonate individuals through deepfakes and steal digital authentication credentials.
