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Home Cybercrime

Hackers stole $17 million from Bank of Uganda, incident under investigation

Oluwatosin Adeyemi by Oluwatosin Adeyemi
November 28, 2024
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Hackers stole $17 million from Bank of Uganda, incident under investigation

Hackers stole $17 million from Bank of Uganda, incident under investigation

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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.”

Read also: EFCC freezes #548.6 million linked to crypto platforms ByBit and KuCoin

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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.

Read also: Nigerian Police scraps vehicle particulars papers, adopts e-CMR system for motor registration: How to apply

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.

Tags: Bank of Ugandacybersecurity
Oluwatosin Adeyemi

Oluwatosin Adeyemi

Oluwatosin Adeyemi is a seasoned writer with 5+ years of experience. He holds a degree in Animal Science from Olabisi Onabanjo University. A hardworking and creative individual with a passion for teamwork and self-improvement.

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