Reports of a recent heist involving the seizure of substantial quantities of money have surfaced, drawing the Bank of Uganda (BoU) into yet another financial crisis.
Allegedly, the pilfered money was transferred to overseas accounts located in Europe and Asia.
Hackers are accused of breaking into the central bank’s IT infrastructure and stealing almost $17 million (Shs62.4 billion), and they are thought to be affiliated with a Southeast Asian gang called “Waste.”
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The ongoing investigation
The Ugandan government has responded quickly to the tragedy, which happened about two weeks ago.
President Museveni has directed the Criminal Investigations Directorate (CID) to hand off the inquiry to the Defence Intelligence and Security (DIS).
The BoU has also hired a leading audit company to determine the scope of the hack and put stronger security measures in place.
Security and Leadership under question
Given the leadership void that has existed for almost three years, the cyberattack has sparked worries about the bank’s cybersecurity posture.
The concurrent roles of Dr. Michael Atingi-Ego as governor, deputy governor, and chairperson of the BoU may have an effect on the bank’s capacity to successfully handle security issues.
Some Ugandan officials fingered in the money heist
Although the specifics of the breach are still being investigated, there has been conjecture regarding potential coordination between BoU employees and officials from the Accountant General’s office and the Treasury department of the Ministry of Finance.
Jim Mugunga, the ministry’s spokesperson, has voiced doubts on the extent of the purported loss, though.
Efforts to strengthen cybersecurity
The successful cyberattack emphasises the ongoing threat posed by cybercriminals to financial institutions, even in developing nations, despite recent efforts to strengthen cybersecurity, such as a workshop held by the Macroeconomic & Financial Management Institute of Eastern and Southern Africa (MEFMI).
The central bank has experienced a growing number of financial anomalies in recent years, which this most recent event adds to.
A number of incidents, including the theft of old currency notes by its own staff, have brought the institution under criticism.