The Bank of Uganda (BoU) has confirmed a recent cyber heist involving diverted international payments, marking a significant breach in the country’s central financial system and raising questions about cybersecurity protocols in critical institutions.
The Bank of Uganda (BoU) has officially broken its silence on a cyber heist that saw hackers divert significant sums of money from the central bank’s accounts. While initial reports suggested losses amounting to over 65 billion shillings, BoU Director of Communications Kenneth Egesa stated that the actual figure was lower, though the exact amount remains undisclosed.
In a statement issued on Monday, Egesa revealed that the incidents involved fraudulent activity that redirected international payments away from their intended beneficiaries. “We immediately launched a comprehensive internal investigation to fully understand the extent of these incidents and to identify steps to prevent future occurrences,” he said.
The breach has sparked concern in government circles, with the State Minister for Finance, Henry Musasizi, acknowledging the hack during a parliamentary session last week. “It’s true our accounts were hacked into, but not to the extent reported. An audit and investigation are ongoing,” Musasizi said, confirming that the Auditor General and Criminal Investigations Directorate (CID) are leading the inquiries.
BoU’s statement noted collaboration with the CID, Financial Intelligence Authority, and the Auditor General to unravel the full details of the heist. However, the bank refrained from providing specific figures, further fueling speculation.
The incident underscores the vulnerability of financial systems to cyberattacks, especially as Uganda continues to digitize its financial operations. Experts argue that this breach should serve as a wake-up call for the implementation of robust cybersecurity measures across all critical sectors.
While BoU reassures the public of its commitment to restoring trust, the heist has cast a shadow on the security of the nation’s financial infrastructure, prompting calls for transparency and immediate reforms.
