Uganda’s central bank faced a cyberattack that triggered significant concerns. However, the Ministry of Finance assured the public that hackers did not steal $17 million, as some reports suggested.
The Auditor General and Criminal Investigations Department (CID) are investigating the breach. Minister of State for Finance Henry Musasizi informed lawmakers about the incident, emphasizing that the reported losses are exaggerated.
Conflicting Reports About Stolen Funds
Local media presented varying estimates of the stolen amount. The New Vision reported that the hacking group “Waste,” based in Southeast Asia, stole 62 billion Ugandan shillings ($17 million). In contrast, The Daily Monitor suggested 47.8 billion shillings ($13 million) were stolen, with funds transferred to accounts in Japan and the UK.
UK authorities froze $7 million of the stolen funds, but the syndicate already moved some to Japan. Lawmakers expressed alarm over these discrepancies. Opposition MP Joel Ssenyonyi called for clarity, stating, “This is our central bank, and the government must explain what is happening.”
Rising Cybercrime Threats
This breach highlights a growing trend of cyberattacks targeting financial institutions. According to the International Monetary Fund (IMF), cyberattacks cost financial firms $12 billion over the past 20 years. Notably, $2.5 billion of these losses occurred between 2020 and 2024.
Financial institutions handle sensitive data, making them prime targets for criminals seeking to steal money or disrupt economic activity. These attacks could undermine public trust in financial systems, potentially destabilizing economies worldwide.
What Happens Next?
The government pledged to share a full report within a month. Meanwhile, the Bank of Uganda and police continue their investigations. This incident serves as a warning for financial institutions to enhance cybersecurity measures.