Uganda’s Ministry of Finance has confirmed a cyberattack on the country’s central bank but disputes claims that hackers absconded with as much as $17 million. The breach, which occurred two weeks ago, has prompted investigations by the auditor general and the Criminal Investigations Department (CID), parliament revealed.
“It is true that our account was hacked, but not to the extent of what is being reported,” said Minister of State for Finance Henry Musasizi during a parliamentary session on Thursday. He assured lawmakers that a detailed report on the incident would be released within a month, emphasizing the need to avoid “misrepresentation of facts” before investigations are complete.
The hack has raised alarm over the cybersecurity protocols at one of the country’s most critical financial institutions. While officials have declined to specify the amount lost, media reports claim UK authorities have frozen funds linked to the breach in an overseas account.
The incident comes at a time when global financial systems are increasingly targeted by sophisticated cybercriminals, underscoring vulnerabilities in developing economies like Uganda. The finance ministry has reassured the public that measures are being taken to fortify digital security across its banking system.
As the investigation unfolds, officials have urged the public and media to refrain from speculating on the scale of the theft. “I beg that I come to this House and report,” Musasizi stated, pledging transparency once the ongoing audit and CID inquiries are finalized.
The breach has sparked broader conversations in Uganda about the resilience of financial institutions against cyber threats. Observers argue the incident highlights the urgent need for comprehensive reforms in the banking sector’s IT infrastructure.
