Hackers Steal $17 Million from Uganda’s Central Bank

Uganda’s financial sector is facing a major cybersecurity crisis after hackers breached the Bank of Uganda’s IT systems, transferring 62 billion Ugandan shillings (approximately $16.8 million) from central bank accounts.

1️⃣ The Heist The breach was confirmed by Henry Musasizi, Uganda’s State Minister for Finance, who revealed the theft during a parliamentary session.

🗣️ “It is true our accounts were hacked, but the scale is not as large as reported. An investigation is underway,” Musasizi told lawmakers.

2️⃣ Hackers Identified 🕵️♂️ A hacking group known as “Waste”, allegedly based in Southeast Asia, has been linked to the attack. 🌐 Reports suggest a portion of the stolen funds was transferred to Japan.

3️⃣ Bank’s Response 📩 The Bank of Uganda has remained tight-lipped, stating only that it is “awaiting a police report.” 💰 Over half of the stolen funds have been recovered, according to the bank.

4️⃣ Insider Collusion? 🔍 Daily Monitor, Uganda’s largest independent newspaper, suggests that insiders within the central bank may have assisted the hackers, raising concerns about internal security.

5️⃣ Presidential Probe 👨💼 President Yoweri Museveni has launched a full-scale investigation into the cyberattack, emphasizing the need for stricter cybersecurity measures in Uganda’s financial sector.

Cybersecurity experts warn that Uganda’s financial institutions are increasingly vulnerable to cyberattacks: 💡 Banks often avoid publicizing these incidents to protect customer confidence, but the growing frequency of attacks is hard to ignore.

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In the era of increasing cyber threats, it’s essential to: 🔒 Regularly update IT systems. 🔑 Implement multi-factor authentication for all critical accounts. 🛡️ Conduct penetration testing and security audits. 🚨 Monitor transactions for unusual activity.