Hackers Steal $17M from Uganda’s Central Bank

AFRICAN BUSINESS AND ECONOMYNovember 28, 2024 at 2:47 PM UTC

TLDR

Bank of Uganda breached by hackers from Southeast Asia, $17 million stolen with funds transferred to Japan and UK.
Investigations ongoing by Uganda's police and auditor general following suspected inside involvement in the fraud.
Approximately 37 billion shillings recovered out of the 62 billion shillings stolen in the cyberattack.

Hackers breached the Bank of Uganda’s systems, stealing 62 billion shillings ($17 million), according to reports from New Vision. The attack, carried out by a group known as “Waste” based in Southeast Asia, took place in September.

The bank has recovered approximately 37 billion shillings, but 47.8 billion shillings were reportedly stolen, with the funds transferred to accounts in Japan and the UK.

Uganda’s police and auditor general’s office are investigating the incident. Reports suggest that the fraud may have involved inside help, with several employees at the Bank of Uganda and the Ministry of Finance questioned.

You can follow Daba’s reporting on Africa on WhatsApp. Sign up here

Key Takeaways

The breach at Uganda’s central bank highlights growing cybersecurity vulnerabilities in financial institutions. Despite the recovery of a portion of the stolen funds, the theft raises serious concerns about internal security and the risk of financial crimes targeting national banks. This incident may lead to greater scrutiny of cybersecurity practices across central banks in Africa and globally.

Uganda

Hacking

Central Bank

Cybersecurity

Bank of Uganda