NITDA, MasterCard Deepen Ties to Boost Data Governance and Digital Innovation in Nigeria

NITDA, MasterCard Deepen Ties to Boost Data Governance and Digital Innovation in Nigeria

In a significant move to bolster Nigeria’s digital transformation agenda, the Director General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa Abdullahi, hosted a high-powered delegation from MasterCard at the agency’s corporate headquarters in Abuja. The team was led by Mr. Derek Ho, Deputy Chief Privacy Officer of MasterCard.

The strategic meeting marked a milestone in collaborative efforts between the federal agency and the global financial technology giant, as discussions focused on leveraging data sharing frameworks and privacy-enhancing technologies to stimulate productivity and national growth.

At the heart of the engagement was a shared vision to promote digital innovation, strengthen data governance systems, and ensure the protection of citizens’ digital privacy in line with global standards. Both parties reiterated their commitment to exploring innovative solutions that address the challenges of the evolving digital economy while safeguarding the integrity of data ecosystems.

Speaking during the meeting, NITDA’s Director General, Mr. Abdullahi, expressed the agency’s strong desire to collaborate with international technology leaders such as MasterCard. He emphasized that such partnerships are crucial in aligning Nigeria’s digital transformation agenda with globally accepted best practices.

“We believe that strategic collaboration with trusted global stakeholders is vital to building a resilient and inclusive digital economy. Our goal is to ensure that Nigeria remains at the forefront of digital innovation, particularly in areas of data protection and responsible technology deployment,” the DG noted.

On his part, Mr. Derek Ho highlighted MasterCard’s continued interest in supporting Nigeria’s digital development journey. He affirmed the company’s readiness to work with NITDA to facilitate knowledge exchange, capacity building, and the adoption of advanced privacy technologies that empower individuals and organizations.

The meeting ended on a promising note, with both parties pledging to deepen engagement and formalize areas of mutual interest that will drive sustainable digital progress in Nigeria.

This latest development underscores NITDA’s proactive stance in forging cross-sectoral alliances aimed at accelerating the country’s digital economy goals, ensuring regulatory compliance, and enhancing public trust in data-driven innovation.

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Tayo Folorunsho Calls for Investment and Structural Reforms to Propel Abuja’s Entertainment Industry to Greater Heights

Tayo Folorunsho Calls for Investment and Structural Reforms to Propel Abuja’s Entertainment Industry to Greater Heights

Tayo Folorunsho, a leading Nigerian entertainment expert and Founder of Edutainment First International Ltd/GTE, has raised concerns about the challenges of running an entertainment business in Abuja. Despite the difficulties, he remains committed to overcoming these obstacles, urging for significant investments and coordinated reforms to unlock the full potential of Abuja’s entertainment industry.

Abuja, Nigeria’s capital city, is renowned for its political significance, booming real estate sector, and vibrant economy. However, Folorunsho, who has successfully run entertainment ventures in Lagos, notes that Abuja’s entertainment market is still in its infancy. Unlike Lagos, where the entertainment scene operates year-round, Abuja’s calendar is more limited, with events mostly concentrated around festive periods. This seasonal nature, coupled with inconsistent support from agencies and organizations, poses a challenge for entertainers and event managers seeking to build long-term businesses in the city.

In a recent media interview, Folorunsho shared his experience of entering the Abuja market, describing his initial attempts as a “misadventure.” “The first strides I made in Abuja were marked by setbacks. Despite the city’s vast potential, it operates with a different approach, and my early efforts were met with difficulties,” Folorunsho explained.

He highlighted key frustrations, including bureaucratic hurdles and a lack of proper infrastructure to support the entertainment sector. “In Abuja, the support system is difficult to navigate. Different agencies often come up with excuses such as ‘you’re not in the budget,’ or ‘the budget hasn’t been released.’ These obstacles make it harder to establish a successful entertainment business,” he said.

However, despite these challenges, Folorunsho remains resolutely optimistic about the future of Abuja’s entertainment industry. He believes the city has enormous potential for growth, especially with its rich land space and thriving tourism sector, which could provide a solid foundation for the development of the entertainment industry.

“The land space and tourist attractions in Abuja are among its strongest assets. These factors, if properly harnessed, can propel Abuja into a leading entertainment hub,” Folorunsho noted. “I urge entertainers who are gaining recognition in Abuja to remain and focus on building a lasting infrastructure for the entertainment industry in the city.”

He pointed out that while Abuja may not have the same all-year event calendar as Lagos, the city has untapped opportunities for growth. “Festive periods are when most events happen in Abuja, but with the right strategies, the city can develop an entertainment culture that runs throughout the year,” he added.

Folorunsho envisions a future where Abuja could rival Lagos as the entertainment capital of Nigeria. “I foresee a future where Abuja will become a booming entertainment destination. The city has the potential to surpass Lagos in terms of its entertainment industry, but this will require investment, policy reforms, and a collaborative effort from all stakeholders,” he emphasized.

In light of this, Folorunsho calls for greater investment in the sector and a comprehensive overhaul of policies affecting the entertainment industry in Abuja. He believes that with the right reforms, Abuja could become a central hub for entertainment in Nigeria, creating new opportunities for both emerging and established talent.

About Tayo Folorunsho
Tayo Folorunsho is a renowned Nigerian entertainment expert and the founder of Edutainment First International Ltd/GTE, a leading entertainment company focused on organizing and promoting events, shows, and entertainment-related projects across Nigeria. With years of experience in the industry, Folorunsho has played a pivotal role in shaping the Nigerian entertainment landscape, particularly through his work in Lagos. His dedication to developing Abuja’s entertainment sector positions him as a key advocate for investment and reform in the industry.

Are GTBank ATMs Losing Relevance in Nigeria?

Are GTBank ATMs Losing Relevance in Nigeria?

 

Anthony Emeka Nwosu

Recent data from GTBank’s 2024 Full Year Report, analyzed by data intelligence firm Statisense, points to a growing shift in how Nigerian customers are interacting with their bank cards — and the Automated Teller Machines (ATMs) may be taking the hit.

According to the report, local ATM transactions using GTBank cards plummeted from 52.62 million in 2023 to 34.60 million in 2024 — a significant 34.25% drop. In stark contrast, international ATM transactions rose by 12.03%, from 133,000 to 149,000 within the same period, highlighting a subtle but notable shift in usage patterns, especially among foreign currency cardholders.

While ATM usage shows contrasting trends, POS and web transactions remained largely stable. Local POS/web transactions dipped slightly by 3.05% (from 775.50 million in 2023 to 751.87 million in 2024), while international POS/web usage declined marginally by just 0.53%.

The numbers suggest that GTBank customers are increasingly favoring digital and POS payment channels over traditional ATMs, particularly for local transactions. With the rapid adoption of digital banking, contactless payments, and mobile transfers, the relevance of physical ATMs may continue to decline unless repositioned for evolving consumer habits.

The question remains — are GTBank’s ATMs slowly becoming obsolete in Nigeria’s fast-evolving fintech landscape? Only time — and future consumer trends — will tell.

Meta Threatens to Suspend Facebook and Instagram Services in Nigeria Over ₦464.5 Billion in Regulatory Fines

Meta Threatens to Suspend Facebook and Instagram Services in Nigeria Over ₦464.5 Billion in Regulatory Fines

 

 

Meta Platforms Inc., the parent company of Facebook and Instagram, is threatening to suspend its operations in Nigeria following a series of hefty fines totalling $290.3 million (₦464.5 billion) imposed by three federal regulatory agencies.

The sanctions include a $220 million (₦352 billion) fine from the Federal Competition and Consumer Protection Commission (FCCPC) for alleged anti-competitive practices; a $37.5 million (₦60 billion) fine from the Advertising Regulatory Council of Nigeria (ARCON) for unapproved advertising activities; and a $32.8 million (₦52.5 billion) fine from the Nigerian Data Protection Commission (NDPC) for alleged violations of data privacy laws.

This development places Nigeria at a critical crossroads in its digital journey. A suspension of Facebook and Instagram—two of the most widely used social media platforms in the country—could have sweeping consequences for both the economy and the nation’s international reputation.

The platforms are essential tools for millions of Nigerians engaged in digital marketing, e-commerce, entertainment, brand communication, and content creation. A shutdown would disrupt livelihoods, sever digital supply chains, and push countless young Nigerians—especially those who have built careers as influencers, marketers, developers, and online entrepreneurs—into unemployment.

Beyond the immediate economic disruption, Nigeria risks being seen globally as a nation that stifles innovation and investment through regulatory overreach. This perception could deter other multinational tech companies from setting up operations in the country, slow foreign direct investment in the digital sector, and hamper the growth of indigenous tech startups.

The fines, while legally enforceable, are being viewed by industry observers as a potential overregulation that might discourage global partnerships and undermine years of progress in positioning Nigeria as a leader in Africa’s digital economy.

Nigeria’s technology space has witnessed exponential growth in the past decade, driven largely by a youthful population, rising mobile connectivity, and a flourishing digital culture. The current standoff with Meta, however, casts a shadow over this progress and may send a discouraging message to current and prospective investors.

As the situation unfolds, the global business community will be watching closely. How Nigeria handles this impasse could have long-term implications—not only for the digital economy but also for its reputation as an innovation-friendly nation.

Anthony Emeka Nwosu

Prof. Yemi Osinbajo Highlights Regional Cooperation at Ghana’s Executive Leadership Retreat

Prof. Yemi Osinbajo Highlights Regional Cooperation at Ghana’s Executive Leadership Retreat

Anthony Emeka Nwosu

Former Vice President of Nigeria, Prof. Yemi Osinbajo, has emphasized the importance of shared insights and cross-border collaboration among African leaders, following his participation in the Executive Leadership Retreat organized for Ghana’s new government in Ada.

Speaking after the high-level engagement, Prof. Osinbajo described the retreat as an inspiring and timely initiative aimed at strengthening governance and regional development through dialogue and experience-sharing among former and current African heads of state.

“Honoured to participate in the Executive Leadership Retreat of Ghana’s new government in Ada. The sessions underscored the power of shared insight and regional cooperation,” he stated.

The retreat featured keynote addresses and strategic sessions aimed at equipping Ghana’s leadership team with transformative governance tools. Among the notable presenters were Ghana’s former President, H.E. John Mahama, and Nigeria’s former President, Dr. Goodluck Jonathan, both of whom shared reflections on leadership, democratic governance, and the importance of regional unity in tackling Africa’s pressing challenges.

Prof. Osinbajo praised the depth of the discussions and the visionary approach adopted by Ghana’s leadership, expressing optimism about the long-term impact of the ideas exchanged.No alternative text description for this image

“Earlier in the day, we were treated to inspiring presentations by H.E. President John Mahama and Nigeria’s former President, H.E. Dr. Goodluck Jonathan—reminding us that effective governance is strengthened when leaders exchange ideas across borders,” he noted.

He further added that the outcomes of the retreat could serve as a catalyst for progress not only in Ghana but across the continent.

“I look forward to seeing how the strategies discussed here translate into tangible progress for Ghana and, indeed, for our wider African community.”

The Executive Leadership Retreat comes at a time when many African nations are seeking to deepen reforms, boost institutional efficiency, and build more responsive governments. With thought leaders like Prof. Osinbajo and other former presidents in attendance, the gathering highlighted the growing momentum behind inter-African cooperation as a driver for sustainable development.

Start Innovation Hub CEO Hanson Johnson Applauds Techmybiz Demo Day as a Testament to Africa’s Rising Tech Powerhouse

Start Innovation Hub CEO Hanson Johnson Applauds Techmybiz Demo Day as a Testament to Africa’s Rising Tech Powerhouse

By Anthony Emeka Nwosu

In what has been described as a celebration of ingenuity, resilience, and digital innovation, Hanson Johnson, the Founder and Chief Executive Officer of Start Innovation Hub, has praised the recently concluded Techmybiz Demo Day as a bold affirmation of Africa’s growing influence in the global technology and entrepreneurship landscape.

Speaking shortly after mentoring and advising the 30 startups that emerged from the rigorous Techmybiz acceleration program, Johnson described the experience as both “thrilling” and “inspiring,” emphasizing the creative energy and entrepreneurial grit that defined the event.

“It was truly inspiring to witness the energy and innovation as 30 determined teams, who successfully navigated the Techmybiz acceleration program, took the stage to pitch their tech-driven solutions and articulate compelling business models to a room full of investors,” Johnson shared. “The dedication and ingenuity on display were a powerful reminder of the vibrant entrepreneurial spirit thriving across the continent.”

Techmybiz: A Catalyst for African Digital Transformation

The Techmybiz Nigeria initiative is designed as a comprehensive digital transformation accelerator that scouts, supports, and scales innovative solutions tailored for Micro, Small, and Medium Enterprises (MSMEs) in Nigeria. By bridging the gap between emerging technology and practical business needs, the program empowers young entrepreneurs to develop scalable, market-ready solutions that can address real-world challenges across key sectors.

From fintech to agritech, logistics to edtech, the startups showcased a diverse range of innovations, reflecting the depth and breadth of problems being solved through local ingenuity. For Johnson, watching the startups evolve from idea stage to investment-ready ventures highlighted the critical role that such structured support systems play in unlocking Africa’s innovation potential.

“Witnessing these ventures mature through the acceleration process and present their refined offerings underscored the impact of programs like Techmybiz in unlocking innovation and building scalable businesses,” he noted.No alternative text description for this image

Investor Confidence and Sectoral Relevance

The Demo Day wasn’t just a platform for pitching ideas—it was a robust engagement between founders and forward-looking investors. With inquisitive questions, keen observations, and real-time feedback, investors signaled a growing appetite for homegrown solutions that can scale beyond Nigeria to solve continental and global challenges.

Johnson emphasized that this growing investor confidence is a promising sign for the startup ecosystem.

“The palpable excitement in the room and the insightful questions from investors pointed to one thing—confidence in the capacity of African founders to create lasting value. These startups are not just solving problems; they are building the future of our economy.”

The Broader Impact: MSMEs and Inclusive Growth

As Africa’s MSMEs continue to grapple with structural limitations, lack of digital integration, and limited access to financing, the relevance of programs like Techmybiz cannot be overstated. By identifying high-potential startups and equipping them with tools, mentorship, and market exposure, the initiative is laying the groundwork for inclusive economic growth and digital competitiveness.

Johnson noted that Techmybiz is uniquely positioned to drive local impact while fostering global competitiveness.

“The initiative’s focus on MSME solutions ensures that innovation is not happening in a vacuum. These startups are responding to the real needs of Nigeria’s business landscape, and their success has the potential to transform communities and create jobs.”

Looking Ahead

As a leading voice in Nigeria’s tech ecosystem, Hanson Johnson expressed confidence in the future of the Techmybiz program and the startups it supports. He reaffirmed his commitment to mentoring and supporting the next generation of innovators.

“I’m optimistic about the future impact these startups will have—not just in Nigeria but across Africa. I am proud to have played a small part in their journey and look forward to seeing many of them become leading players in the tech and business ecosystem.”

The Techmybiz Demo Day, beyond its immediate impact, serves as a rallying point for stakeholders in the digital economy to invest in people, platforms, and partnerships that can shape the next frontier of African innovation.

#AfricanStartups #TechInnovation #VentureCapital #Nigeria #Techmybiz #Entrepreneurship #MSMEGrowth

CBN Governor Cardoso Highlights Nigeria’s Economic Progress, Reform Commitment at IMF/World Bank Spring Meetings

CBN Governor Cardoso Highlights Nigeria’s Economic Progress, Reform Commitment at IMF/World Bank Spring Meetings

By Anthony Emeka Nwosu


At the close of the 2025 International Monetary Fund (IMF) and World Bank Spring Meetings in Washington D.C., Central Bank of Nigeria (CBN) Governor Olayemi Cardoso delivered an optimistic and reform-driven message at a media briefing with Nigerian journalists, reaffirming Nigeria’s commitment to macroeconomic stability and inclusive growth.

Addressing the press, Governor Cardoso described the week as one of “highly productive engagements” with global financial leaders, international investors, and members of the Nigerian diaspora. According to him, the CBN delegation leveraged the global forum to spotlight Nigeria’s ongoing economic reforms and to explore strategies to deepen stability, enhance the financial sector, and stimulate broad-based growth.

“Thanks to the steps taken over the past 18 months, we have strengthened our monetary buffers and positioned Nigeria to better withstand external shocks,” he stated. Cardoso noted that investor confidence in Nigeria has been notably revived, with global financial stakeholders acknowledging the country’s improving economic fundamentals. This renewed confidence, he said, has been further validated by Fitch Ratings’ recent upgrade of Nigeria’s credit outlook, which underscores international recognition of the nation’s disciplined policy reforms.May be an image of 16 people and dais

Tackling the issue of inflation, Governor Cardoso was candid. “We recognize that inflation remains the most disruptive force to the economic welfare of Nigerians,” he said, affirming that the CBN’s current policy direction is squarely focused on sustainably reducing inflation to single digits. “Our goal is to restore price stability, protect household purchasing power, and lay the foundation for long-term investment.”

Highlighting improvements in Nigeria’s external reserves and balance of payments, Cardoso revealed that foreign reserves now exceed $38 billion—equivalent to nearly ten months of import cover. He also reported that in 2024, the country recorded a balance of payments surplus of $6.83 billion, the highest in years, driven by rising exports and increased capital inflows.

Investor sentiment, both from global financiers and the Nigerian diaspora, was described as overwhelmingly positive. “Nigeria is increasingly recognized as a rising economic force, admired for the resolve shown in implementing difficult but necessary reforms,” Cardoso noted.

On the banking sector, the CBN Governor emphasized the progress of the ongoing recapitalization efforts. He assured stakeholders that the process is gaining momentum and is broadly supported. “This will ensure that Nigerian banks are fully equipped to support the real economy with greater scale, stability, and capacity,” he added.

Concluding his address, Governor Cardoso reassured Nigerians of the government’s unwavering resolve. “To all Nigerians: these reforms are not easy, but they are delivering results. We have moved from a position of vulnerability toward one of growing strength, and our economic trajectory is beginning to turn positive,” he said.

“We return home mindful of global challenges yet filled with renewed commitment to stay the course and build on our gains in stability and resilience,” Cardoso concluded.

Nigeria Set to Host NADPA-RAPDP Conference, Eyes Global Data Privacy Leadership

Nigeria Set to Host NADPA-RAPDP Conference, Eyes Global Data Privacy Leadership

 

By Anthony Nwosu

The Nigeria Data Protection Commission (NDPC) has announced the country’s readiness to host the upcoming Network of African Data Protection Authorities (NADPA-RAPDP) Conference and Annual General Meeting (AGM), marking another significant milestone in Nigeria’s growing leadership in data privacy and protection across the continent.

Addressing journalists during a press briefing in Abuja, the National Commissioner of NDPC, Dr. Vincent Olatunji, highlighted the importance of the forthcoming event. He noted that hosting the NADPA-RAPDP Conference is a clear endorsement of the trust and confidence Nigeria continues to earn globally through its recent data protection reforms—particularly following the enactment of the Nigeria Data Protection Act, 2023, signed by President Bola Ahmed Tinubu, GCFR.

“This conference provides a unique opportunity for Nigeria not only to champion the cause of data privacy in Africa but also to showcase the economic and cultural progress being recorded in the country,” Dr. Olatunji stated.

In a significant policy move, Dr. Olatunji also announced Nigeria’s intention to become an associate member of the Global Cross-Border Privacy Rules (CBPR) Forum. This, he said, aligns with President Tinubu’s vision to transform Nigeria into a $3 trillion digital economy. He noted that the country is actively exploring cross-border data transfer frameworks that comply with the provisions of the new Data Protection Act, with the aim of safeguarding citizens’ rights and securing Nigeria’s digital sovereignty.

The press conference also featured a goodwill message from the Acting Head of the United States Mission in Nigeria, Christine Harbaugh. She commended Nigeria’s efforts, describing the planned CBPR membership as a landmark achievement. “This move signals to the international community that Nigeria is open for business and is a safe, attractive destination for digital investments,” Harbaugh said.

With preparations in top gear for the NADPA-RAPDP Conference, Nigeria appears poised to take a leading role in shaping Africa’s data governance future while strengthening global partnerships in digital trust and security.

#ChampioningPrivacyRights #NADPA2025

 

How 17-Year-Old Mmesoma Okonkwo from Anambra Became a Global English Champion

How 17-Year-Old Mmesoma Okonkwo from Anambra Became a Global English Champion

 

The Rise of the Igbo Girl Child

By Anthony Nwosu

In a world constantly seeking inspiration and proof that excellence can rise from any corner of the globe, Nigeria has once again stepped forward with a shining example. And this time, the torchbearer is a young Igbo girl whose name is fast becoming synonymous with brilliance—Mmesoma Okonkwo, a 17-year-old from Anambra State who has been crowned the Overall Best in English Language in the Cambridge International Examination, a globally recognized academic assessment.

This moment is not just about academic achievement. It is a landmark in the ongoing journey of the Nigerian girl child, particularly from the southeastern Igbo-speaking region, where tradition meets tenacity and where the value of education—especially for the girl child—is increasingly taking centre stage.

Anambra’s Gift to the World

Hailing from a region known for its entrepreneurial spirit and educational ambition, Mmesoma Okonkwo embodies the very best of the Igbo ethos: excellence, discipline, and vision. A student of Chrisland High School, Victoria Garden City (VGC) in Lagos, Mmesoma not only conquered the Cambridge English exam, outperforming students from across the globe, but also earned a perfect scorecard in the West African Senior School Certificate Examination (WAEC), recording A1 in all nine subjects.

As Head Girl of the 2023 graduating class, she was already a respected voice among her peers. Teachers described her as focused, articulate, and driven—a model student whose grace matched her intelligence.

A Girl Child’s Victory Beyond Grades

But Mmesoma’s success goes beyond report cards and test results. It speaks volumes in a country where the girl child often contends with systemic barriers: early marriage, cultural stereotypes, inadequate access to quality education, and more. Her story becomes a counter-narrative—one that challenges the norm and uplifts hope.

This feat is especially symbolic coming from an Igbo background, a society where girls are increasingly asserting their voices in technology, education, and leadership. Mmesoma’s journey is a case study in what is possible when education meets opportunity, and when parents, educators, and society decide to invest in the potential of their daughters.

Leadership in the Making

Though she’s still at the beginning of her adult journey, Mmesoma has already made clear her aspirations: to study Business Administration at the tertiary level. With her academic track record and evident leadership qualities, many believe that this young star is headed for even greater heights—not just in Nigeria, but globally.

Mmesoma’s poise, intellect, and vision have made her a role model for thousands of girls across the country. Her success is being celebrated by educational stakeholders, advocacy groups, and women’s organizations, many of whom see in her the blueprint for a new generation of female African leaders.

Celebrating the Power of the Nigerian Girl Child

The national and international recognition she has received underscores the urgent need to refocus attention and resources on nurturing young girls, particularly in underserved regions. In Mmesoma, we see the promise of a better Nigeria—a country that unlocks its full potential by empowering its daughters.

As the congratulatory messages pour in and the spotlight beams brightly on her journey, Mmesoma remains grounded. She is a product of strong family values, dedicated teachers, and a school system that recognized and nurtured her brilliance.

But most importantly, she is a symbol of the power of possibilities—an Igbo girl who looked beyond her environment and aimed for the world…and won.

A Nation Takes Note

From government leaders to community elders, educators, and everyday citizens, Nigeria is applauding this monumental achievement. But beyond the applause, there is a deeper call to action: to replicate this success story in every community. To remove the barriers that limit girls. To invest in education, especially for those who are often sidelined.

Because when one girl like Mmesoma rises, she lifts others with her. Her victory is not hers alone—it belongs to the girl child in Chibok, in Nnewi, in Makurdi, in Agege. It belongs to every parent who dares to dream for their daughter. It belongs to Nigeria.

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“She’s proof that the girl child can be a world changer”—Educators praise Mmesoma Okonkwo as a symbol of global excellence.

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May 1, 2025 is World Password Day: Why It’s Time to Say Goodbye to Passwords

May 1, 2025 is World Password Day: Why It’s Time to Say Goodbye to Passwords

Each year on the first Thursday of May, cyber security professionals urge the public to strengthen their password hygiene. But in 2025, this tradition may be past its expiry date. Why? Because our over-reliance on passwords is becoming the very risk we seek to avoid.

According to Verizon’s Data Breach Investigations Report (2024), 81% of breaches still involve weak or stolen passwords. As threat actors evolve and AI becomes part of their toolkit, even the strongest passwords can be broken in minutes, not months. It’s time we ask — are we clinging to an outdated security method that’s holding us back?

The Problem with Passwords Today

The data is damning. According to Nordpass, the weak password of “123456” persists in being used as a password, easily cracked within 1 second by hackers. An online security survey by Google and Harris Poll in February 2019 found that at least 65% of people reuse passwords across multiple, if not all, sites, exposing them to credential-stuffing attacks at scale.

Newer threats are only accelerating this risk. Brute-force attacks have moved from CPUs to high-speed GPUs — some capable of guessing over a million password combinations per second meaning what once took years to crack can now be done in minutes using AI-enhanced tools.

The Dark Side of Passwords: A Cybercrime Economy

The underground market for stolen credentials is vast and lucrative. It’s estimated that over 24.6 billion username-password combinations are currently circulating across cybercriminal marketplaces — although the true scale is difficult to verify due to repeated resale of stolen data. In bulk, these credentials are even cheaper — as seen in the Booking.com scam, where thousands were sold for just $2,000 with new credentials offered every month, depending on breaches and leaks. The most valuable logins include banking, email, cloud, crypto, corporate VPNs and social media accounts, which are commonly reused for phishing, identity theft, malware campaigns, and business email compromise.

Behind these thefts are some of the world’s most sophisticated threat groups, including Kimsuky (North Korea), MuddyWater (Iran), and APT28/29 (Russia) — often using malware like Lumma and MaaS platforms, targeting MFA tokens and crypto wallets, spreading over Telegram bots, that make infostealing scalable and profitable. It was reported that in 2024 alone, 3.9 billion credentials were compromised via malware infections across 4.3 million devices.

Even multi-factor authentication (MFA), while crucial, is being challenged by tools like EvilProxy, which can intercept MFA tokens. This growing cybercrime economy is not just a technical threat — it’s a geopolitical and economic ecosystem as these threats now can come from anywhere at all thanks to MaaS and Phishing-as-a-Service (PhaaS) platforms. Together with infostealer-as-a-service and phishing kits for hire, these attacks are no longer limited to state actors — they’re available to anyone with a Bitcoin wallet.

The Rise of Passwordless Authentication

In contrast, passwordless security is becoming not only possible — it’s practical. Companies like Google, Microsoft, and Shopify are rolling out Passkeys — encrypted cryptographic keys tied to biometric or device-based authentication.

Microsoft wants its more than one billion users to stop using passwords to log into their Microsoft accounts while Gartner predicts that 60% of enterprises will eliminate passwords for most use cases by 2025.

In sectors like finance, healthcare, and government, hardware tokens, multi-factor logins, and biometric identification are taking over. Even in countries like Singapore and India, government-backed digital identity systems are accelerating passwordless adoption for banking, insurance, and healthcare access. This is driven by a desire to enhance security, improve user experience, and streamline digital interactions.

In Singapore for instance, Singapore’s National Digital Identity (NDI) system built on Singpass, connects over 700 government agencies and private businesses. Options like facial recognition, digital ID cards, and QR codes confirm user identities quickly and are more secure than traditional passwords. India’s Aadhaar, the world’s largest biometric system supports secure digital identity verification via OTPs and biometrics, while Australia’s Digital ID roadmap is investing in federated, passwordless frameworks

Behavioral Resistance: Why We Still Cling to Passwords

Despite security advances, people still trust what they know — and passwords feel familiar. But that familiarity comes at a price. Passwords are easily guessed, forgotten, shared, or stolen.

Check Point notes that poor password hygiene — such as reusing passwords, writing them down, or using personal data — continues to be a major weak link in corporate and personal security.

Even worse, phishing attacks — many AI-generated — continue to steal login credentials at scale, despite the presence of two-factor authentication (2FA). The rise in AI-powered phishing and deepfake attacks only makes password-based systems more vulnerable.

Risks of Staying with Passwords in a Post-AI World

The evolution of AI is making password-based authentication obsolete:

  • Deep learning models are trained on billions of leaked passwords and can predict common patterns faster than ever.

  • Voice- and video-based impersonation attacks using deepfakes can bypass even multi-factor authentication if based on weak identity layers.

  • Cloud-based GPUs are democratising the power to break passwords at scale, enabling ransomware groups and script kiddies alike to compromise systems rapidly.

In short: the longer we wait to go passwordless, the more we expose ourselves.

What Organisations Should Do Now

  • Pilot passwordless systems using biometrics, tokens, or Passkeys.

  • Use tools like Check Point Harmony to prevent password reuse and phishing.

  • Enforce Privileged Access Management (PAM) solutions and Zero Trust architectures.

  • Educate teams not just on stronger passwords — but on phasing them out altogether.

Check Point emphasises password length, diversity, and uniqueness but is also aligned with the need to explore post-password approaches.

World Password Day shouldn’t just be about creating stronger passwords. It should be a prompt to imagine a future without them. The tools exist. The threats demand it. The only thing missing is our willingness to let go.

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About Check Point Software Technologies Ltd.

Check Point Software Technologies Ltd. (www.checkpoint.com) is a leading AI-powered, cloud-delivered cyber security platform provider protecting over 100,000 organisations worldwide. Check Point leverages the power of AI everywhere to enhance cyber security efficiency and accuracy through its Infinity Platform, with industry-leading catch rates enabling proactive threat anticipation and smarter, faster response times. The comprehensive platform includes cloud-delivered technologies consisting of Check Point Harmony to secure the workspace, Check Point CloudGuard to secure the cloud, Check Point Quantum to secure the network, and Check Point Infinity Platform Services for collaborative security operations and services.

Legal Notice Regarding Forward-Looking Statements

This press release contains forward-looking statements. Forward-looking statements generally relate to future events or our future financial or operating performance. Forward-looking statements in this press release include, but are not limited to, statements related to our expectations regarding future growth, the expansion of Check Point’s industry leadership, the enhancement of shareholder value and the delivery of an industry-leading cyber security platform to customers worldwide. Our expectations and beliefs regarding these matters may not materialise, and actual results or events in the future are subject to risks and uncertainties that could cause actual results or events to differ materially from those projected. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in our filings with the Securities and Exchange Commission, including our Annual Report on Form 20-F filed with the Securities and Exchange Commission on April 2, 2024. The forward-looking statements in this press release are based on information available to Check Point as of the date hereof, and eck Point disclaims any obligation to update any forward-looking statements, except as required by law.