Uganda’s central bank has been targeted by a cyberattack, raising significant concerns about the security of the country's financial systems. Conflicting reports have emerged regarding the amount of money stolen.
Confirmation of the Breach and Government's Stance
The Bank of Uganda has confirmed a breach of its IT system by hackers. Uganda’s Finance Minister Henry Musasizi reported that the scale of the theft has been exaggerated and the exact amount will be clarified following investigations.
Investigation Details and Current Status
The investigation is currently in its initial stages. Different sources report the stolen funds ranging from 47.8 to 62 billion shillings. Some of the money is reported to have been retrieved, and Japanese authorities have frozen approximately $7 million.
Past Incidents and Reaction Measures
Cybertheft against banks is not new in Uganda. However, many banks choose not to publicly acknowledge such incidents for fear of losing customer trust. President Yoweri Museveni has ordered a thorough investigation of this incident, and some speculate insider collusion.
This incident underscores the need to strengthen cybersecurity of financial institutions in Uganda. The government must conduct full and transparent investigations to prevent such occurrences in the future.
