A recent cyberattack on the Bank of Uganda resulted in the theft of 62 billion Ugandan shillings ($17 million), as reported by New Vision, a state-owned publication.
The hackers, operating under the name “Waste,” breached the bank’s IT systems earlier this month to carry out the theft. The news is not surprising, as over half of cyberattacks in Africa target government and financial institutions.
According to unnamed sources cited by New Vision, the attackers, reportedly based in Southeast Asia, funneled part of the stolen funds to Japan. However, the Bank of Uganda has yet to officially comment on the breach. Similarly, Ugandan police did not provide any statements when contacted by the media.
The central bank has reportedly recovered more than half of the stolen funds, according to New Vision. Following the incident, Ugandan President Yoweri Museveni ordered a full investigation into the matter.
Daily Monitor, an independent newspaper, suggested that the theft may have involved insiders within the bank, raising questions about internal security protocols.
Rising Cybersecurity Threats in Uganda
This incident is not an isolated case, as cyber thefts targeting banks and financial institutions, including telecom operators, have become increasingly common in Uganda. However, experts believe some organizations are reluctant to disclose these breaches publicly, fearing damage to their reputation and a loss of customer trust.
The Bank of Uganda’s breach highlights the growing vulnerability of financial institutions to cyberattacks and the urgent need for stronger cybersecurity measures to safeguard sensitive financial systems.
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