The recent cyberattack on the Bank of Uganda has exposed vulnerabilities in the country’s financial systems, with hackers stealing significant amounts of money and sparking controversy over the details.
Reports initially suggested that the hackers, a group called “Waste” based in Southeast Asia, siphoned 62 billion Ugandan shillings (approximately $17 million) into accounts in Japan and the UK. However, conflicting information has emerged regarding the exact amount stolen.
The Daily Monitor reported a theft of 47.8 billion shillings, with UK authorities freezing $7 million, while $6 million was successfully moved to Japan. Investigations point to an “inside job,” implicating central bank employees and Ministry of Finance staff. The Bank of Uganda has recovered 37 billion shillings so far, and the government is conducting further investigations into the breach.
Meanwhile, Uganda’s Ministry of Finance has downplayed the scale of the theft, stating that the amount was less than the reported $17 million. Minister Henry Musasizi has assured lawmakers that a comprehensive report will clarify the incident.
This attack highlights broader concerns about the security of financial institutions globally, as cybercrime becomes increasingly sophisticated. The International Monetary Fund notes that financial institutions lost $2.5 billion to cyberattacks in recent years, raising alarms about the stability and confidence in such systems.
