Nine finance officials in Uganda have been arrested following a $16.87 million cyberattack on the Bank of Uganda. The breach, linked to hackers known as “Waste,” poses serious questions about the security of Uganda’s banking system and suggests potential internal corruption. The incident highlights the broader issue of rising financial fraud across Africa, necessitating urgent reforms in cybersecurity practices.
Ugandan authorities have detained nine officials from the Ministry of Finance due to a significant cyberattack on the Bank of Uganda, resulting in the loss of approximately $16.87 million (62 billion Ugandan shillings). Among those arrested are senior members from the Treasury Department. This incident raises serious concerns regarding the security of Uganda’s financial systems.
This breach was first disclosed in November 2024 when State Minister for Finance Henry Musasizi announced that hackers, using the alias “Waste,” had compromised the central bank’s systems to carry out fraudulent transactions. This cybercrime has intensified worries about the integrity and security of Uganda’s banking infrastructure.
Given the repercussions of this breach, Uganda needs to enhance its cybersecurity measures and restore public confidence in its financial institutions. Strengthening internal governance, enforcing rigorous oversight of financial transactions, and collaborating with global cybersecurity experts will be vital steps to prevent future cyber threats.
Original Source: techpoint.africa
