Uganda’s Ministry of Finance has confirmed a cyberattack on the country’s central bank systems, but it has refuted claims that hackers stole as much as $17 million. The incident, which occurred two weeks ago, is currently under investigation by the Auditor General and the Criminal Investigations Department (CID). During a session with 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 stated. He assured Parliament that a full report would be presented in a month and urged patience to prevent the spread of misinformation.
Both the Bank of Uganda and police officials have refrained from commenting until the investigations are completed. Conflicting media reports regarding the stolen amounts have emerged. The New Vision newspaper reported that a hacking group known as “Waste,” allegedly based in Southeast Asia, siphoned off 62 billion Ugandan shillings (approximately $17 million). In contrast, the Daily Monitor newspaper claimed that the stolen amount was 47.8 billion shillings (about $13 million), stating that the funds were transferred to accounts in Japan and the UK.
According to the Daily Monitor, UK authorities have frozen $7 million of the stolen funds, although a portion had already been withdrawn. The syndicate is also reported to have successfully moved $6 million to Japan. The breach has raised significant concerns among lawmakers.
Opposition MP Joel Ssenyonyi expressed alarm over the attack on the central bank and called for more transparency. “It alarmed me because this is our central bank. I think the government should help us understand; it is important that we know what exactly is happening,” Ssenyonyi told Parliament. This incident highlights the growing threat of cybercrime targeting financial institutions worldwide.
A recent report by the International Monetary Fund (IMF) revealed that financial institutions lost a total of $12 billion to cyberattacks over the last 20 years. Out of this amount, $2.5 billion was lost between 2020 and 2024, according to the IMF’s April 2024 Global Financial Stability Report.
The IMF expressed concern that the rising incidence of cyberattacks on financial institutions globally could affect confidence in the financial system and destabilize economies. As financial firms handle large amounts of sensitive data and transactions, they are increasingly targeted by criminals seeking to steal money or disrupt economic activities.