Hackers Breach Uganda’s Central Bank, Steal $17 Million

The Central Bank of Uganda has fallen victim to a sophisticated cyberattack, losing $17 million to a hacking group known as “Waste.” This breach highlights significant concerns about the vulnerabilities of financial institutions and the growing sophistication of cybercriminals targeting Africa’s financial systems.

An Inside Job With Global Ties?

Initial investigations suggest that the attack may have involved compromised employees within the bank, potentially making it an inside job. However, the stolen funds were traced to accounts in Japan and the UK, revealing an international angle to the crime. Authorities believe this coordinated operation was executed with precision, indicating a high level of planning and expertise.

Ugandan law enforcement and the Auditor General’s office have played a critical role in recovering more than half of the stolen funds. However, investigations are ongoing to uncover the full extent of the breach and identify the individuals or groups responsible.

This attack is part of a troubling trend of cyberattacks targeting financial institutions across Africa. Experts warn that the continent’s financial systems face growing threats due to inadequate cybersecurity infrastructure. According to a recent report, financial institutions in Nigeria alone lost $82.4 billion to hacks and fraud in 2023. As cybercriminals develop increasingly sophisticated methods, these attacks not only result in financial losses but also erode public trust in the banking sector.