Ugandan Central Bank Suffers $17 Million Hack

Africa Business News

Hackers stole $16.8 million from the Bank of Uganda. A group of Asia-based hackers code-named “Waste” accessed the central bank’s IT systems and illicitly transferred the funds in early November. The hacker group sent parts of the money back to Japan and the UK. The bank is questioning several of its employees and the Ministry of Finance. While the Central Bank claims it is recovering the lost funds, the episode continues an uptick in cyber-attacks in Uganda since COVID-19. In 2022, Uganda lost approximately UGX 15 billion ($4 million) due to cyber-related incidents, with financial institutions being primary targets.
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