By 
A senior Ugandan finance ministry official has confirmed a cyberattack on the country’s central bank accounts, though he disputed claims about the scale of the losses.
The Bank of Uganda (BoU) announced it is cooperating with law enforcement agencies following reports of a breach that allegedly resulted in 62 billion Ugandan shillings (approximately $16.8 million) being stolen by offshore hackers.
Details of the Incident
According to New Vision, a state-owned newspaper, a hacking group known as “Waste”, reportedly based in Southeast Asia, infiltrated the central bank’s IT systems earlier this month and illicitly transferred the funds. Some of the stolen money was allegedly sent to Japan.
However, State Minister for Finance Henry Musasizi sought to downplay the reported scale of the incident, stating:
“It is true our accounts were hacked into but not to the extent of what is being reported. When this happened, we instituted an audit and launched an investigation.”
Musasizi assured the parliament that an audit and investigations by the Criminal Investigations Department and the Auditor General were near completion, pledging to provide an official report upon their conclusion.
Recovery and Insider Collusion
Reports suggest that the Bank of Uganda has already recovered over half of the stolen funds. However, Daily Monitor, Uganda’s leading independent newspaper, speculated that insider collusion might have facilitated the breach.
Broader Implications
This incident highlights ongoing vulnerabilities in Uganda’s financial systems. Cyberattacks targeting banks, telecom firms, and other financial institutions have occurred repeatedly in the country. Authorities have noted that some institutions hesitate to disclose such breaches publicly, fearing reputational damage and loss of customer trust.
As investigations continue, this breach underscores the urgent need for enhanced cybersecurity measures and robust systems to safeguard Uganda’s financial institutions from future attacks.
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