Update: We updated our story with a quote from the Uganda Minister of Finance that the amount stolen is not accurate
Hackers breached the Bank of Uganda’s systems, stealing 62 billion shillings ($17 million), according to New Vision.
About 37 billion shillings has been recovered.
The details
- The attack was allegedly carried out by a Southeast Asian group called “Waste.”
- The Daily Monitor reports the stolen funds were funneled into accounts in Japan and the UK in September.
- The breach is believed to be an “inside job,” with several employees from the central bank and finance ministry under investigation.
The response
- Uganda’s police and the auditor general’s office are investigating.
- The central bank has not commented publicly.
- Speaking to lawmakers on Thursday, Minister of State for Finance, Henry Musasizi, acknowledged the breach but downplayed the reported losses.
- It is true that our account was hacked, but not to the extent of what is being reported,” Musasizi said
Why it matters
The breach exposes vulnerabilities in Uganda’s financial systems and raises concerns about insider threats in key government institutions.
Source: Bloomberg
