Hackers steal over $16 million from Uganda's central bank

According to the ministry, the cyber attack occurred after they infiltrated the Bank of Uganda's information technology systems. However, government officials indicate that the magnitude of the theft is less severe than initially reported.

During a parliamentary session on Thursday, November 28, State Minister for Finance Henry Musasizi revealed that investigations are ongoing, led by the Criminal Investigations Department (CID) and the Auditor General.

"It is true our accounts were hacked into, but not to the extent of what is being reported. An audit and investigation are in their final stages," remarked Mr Musasizi. "To avoid misrepresentation of facts, I wish to indulge the House that we be patient that when the audit is finalised, which is now at the tail-end, I come and report."

According to the state-run New Vision newspaper, a hacking group identified as "Waste" has been linked to this cybercrime, which reportedly originated in Southeast Asia. Allegations suggest that portions of the illicitly acquired funds may have been wired to Japan.

The Bank of Uganda released a statement indicating it was "awaiting a police report" concerning the hacking incident, neither confirming nor denying the breach, while also noting that more than half of the funds have been recovered.

Despite the recovery efforts, sources cited by Uganda’s leading independent newspaper, Daily Monitor, imply that internal collusion within the central bank may have facilitated the cyber attack. In light of these developments, President Yoweri Museveni has mandated a comprehensive inquiry into the incident.

Uganda has faced numerous cyber thefts targeting banks and financial service providers, including telecom companies. Despite this, police officials report that some banks are reluctant to publicly disclose these incidents, fearing it might drive away customers.