Ugandan authorities have arrested nine officials from the Ministry of Finance following a major cyberattack on the Bank of Uganda, which led to the loss of USh 62 billion ($16.87 million). Among those detained are senior Treasury Department officials, raising concerns about potential internal corruption or negligence.
The cyber breach, first reported in November 2024, was carried out by hackers operating under the alias “Waste,” who infiltrated the central bank’s systems and executed fraudulent transactions. This high-profile financial crime has further shaken public confidence in Uganda’s banking security, despite earlier measures such as the mandatory ID verification for large transactions introduced in April 2024.
Uganda’s financial system is not alone in facing security threats. Financial fraud is on the rise across Africa, with countries like South Africa and Ethiopia also experiencing significant losses due to cyberattacks and fraudulent schemes. This trend highlights the urgent need for stronger cybersecurity measures, better financial oversight, and stricter regulations across the continent.
To prevent future incidents, Uganda and other African nations must invest in upgrading banking IT systems, improving internal oversight, and collaborating with global cybersecurity experts to tackle emerging threats.
Read the full news here: TechPoint Africa