A group of hackers known as “Waste” has stolen $17 million from the Central Bank of Uganda. Initial investigations indicate that the attack was likely an inside job by compromised bank employees. However, funds were transferred to accounts in Japan and the UK, suggesting international activity.
The bank managed to recover more than half of the stolen amount thanks to the Ugandan police and the General Accounting Office, but authorities are continuing their investigation to determine the full extent of the theft and the identities of those involved.
The attack follows a growing pattern of cyber attacks on financial institutions around the world and is not an isolated incident. This form of breach exposes the vulnerability of Africa’s economic system and the risks posed by inadequate cybersecurity measures.
According to an article in Tech Point, Nigerian financial institutions lost $82.4 billion in 2023 due to major hacking and fraud incidents. The need for robust security systems, strict internal controls and continuous monitoring is paramount to prevent similar incidents in the future.
