Uganda has confirmed that accounts at the country’s central bank have been hacked, and officials have also downplayed the extent of the losses.
Earlier this week, the Bank of Uganda said it was awaiting a police investigation into a news report that hackers from abroad stole US$16.8 million from the central bank.
Following the announcement, the Minister of State for Finance confirmed the hack and said that the Police Criminal Investigation Department and the Auditor-General were investigating the incident.
The officials also stated that the attack did not occur to the extent that was reported, and asked the House of Representatives to be patient in the audit process that will be completed to avoid distorting the facts.
The hackers identified themselves as a group called “Waste” and gained access to the Bank of Uganda’s IT systems before illegally transferring funds. This process took place earlier in November 2024.
Additionally, the hacking group is based in Southeast Asia, and they reportedly sent a portion of the stolen funds to the Japan region.
According to Reuters, the central bank has already successfully recovered more than half of the funds from the group. Meanwhile, it was reported that the attack may have involved collusion by insiders as well.
Cyber thefts from banks and other financial service providers or financial institutions, including telecommunications companies, have occurred several times in the Uganda region. However, police officials said some banks and financial institutions are reluctant to publicly acknowledge such incidents due to fears of alienating clients and customers.
