Uganda Confirms Central Bank Cyberattack, Denies $17 Million Theft
By Epiphanus Obia
Uganda’s Ministry of Finance has confirmed that the country’s central bank suffered a cyberattack but refuted claims that hackers stole as much as $17 million. The attack, which occurred two weeks ago, is still under investigation by the Auditor General and the Criminal Investigations Department (CID).
During a session with lawmakers on Thursday, Minister of State for Finance Henry Musasizi acknowledged the breach, stressing that the reported amount of stolen funds was exaggerated. Musasizi reassured parliamentarians that a comprehensive report would be submitted in a month’s time, urging patience to avoid spreading misinformation.
Local media outlets have reported conflicting figures on the amount of money stolen. The New Vision newspaper suggested that a hacking group known as “Waste,” allegedly based in Southeast Asia, siphoned off 62 billion Ugandan shillings (approximately $17 million). However, the Daily Monitor reported a smaller sum of 47.8 billion shillings (about $13 million) and claimed the funds were transferred to accounts in Japan and the UK. The Daily Monitor also noted that UK authorities had frozen $7 million of the stolen funds, although a portion had already been withdrawn. Additionally, the hackers are said to have successfully moved $6 million to Japan.
The breach has raised alarm among lawmakers, particularly opposition MP Joel Ssenyonyi, who expressed concern over the security of Uganda’s central bank. “It alarmed me because this is our central bank. I thought the government should help us understand; it is important that we know what exactly is happening,” Ssenyonyi told Parliament.
The attack highlights the growing threat of cybercrime targeting financial institutions globally. According to a recent International Monetary Fund (IMF) report, financial institutions lost $12 billion to cyberattacks over the last 20 years, with $2.5 billion of that amount lost between 2020 and 2024. The IMF warns that the increasing frequency of cyberattacks could undermine confidence in the global financial system and destabilize economies.
