Grace Ashiru
A hacker group known as “Waste” has successfully stolen $17 million from the Central Bank of Uganda. Initial investigations suggest that the attack may have been an inside job, involving compromised bank employees. However, the transfer of funds to accounts in Japan and the UK points to an international operation.
Although the bank has recovered more than half of the stolen amount with assistance from the Ugandan police and the auditor general’s office, authorities are still investigating to uncover the full extent of the breach and identify those responsible.
This incident is not an isolated case but part of a growing trend of cyberattacks targeting financial institutions worldwide. It highlights the vulnerabilities in Africa’s financial systems and the risks posed by inadequate cybersecurity measures.
A report from Tech Point reveals that in 2023, financial institutions in Nigeria lost $82.4 billion to major hacks and fraud cases. These figures underscore the urgent need for robust security systems, strict internal controls, and constant monitoring to prevent similar breaches in the future.
