Bank Of Uganda Hit By Massive Hack, UGX 60 billion Stolen In New Cyber Heist

By Kato Jamil 

The Bank of Uganda has been rocked by a fresh scandal after hackers successfully siphoned off UGX 60 billion (approximately $16 million USD) from the central bank’s systems. The breach, which is believed to have occurred recently, has raised grave concerns about the integrity of the bank’s cybersecurity infrastructure.

According to sources familiar with the investigation, President Museveni has instructed the Auditor General to conduct a thorough probe into the heist. The Auditor General will determine the total amount of money stolen, and police will investigate potential criminal wrongdoing. “It is true, President Museveni instructed the Auditor General to investigate the matter,” a source close to the investigation revealed to CNN.

The Bank of Uganda has not yet issued an official statement on the hacking incident. However, sources say that the investigation is underway, with top bank officials expected to be questioned by both the police and the Auditor General.

This incident is the latest in a series of scandals that have plagued the Bank of Uganda in recent years. Notably, the bank has been at the center of a controversy involving the theft of old currency notes by its own employees. In 2021, Charles Kasede Ochieng, the former Head of Verification, was sentenced to three years in prison for misappropriating old currency notes intended for destruction.

The central bank has been under increased scrutiny following the death of its long-serving governor, Emmanuel Mutebile, in January 2022, leaving the institution without a permanent leader. The ongoing scandal has intensified concerns about the bank’s ability to safeguard its operations and protect the country’s financial system.

Other Notable Banking Scandals Involving Cybercrime:

1. Bangladesh Bank Heist (2016): In one of the largest cybercrimes in history, hackers stole $81 million from Bangladesh’s central bank. The money was transferred through the SWIFT international payment network, with the cybercriminals posing as legitimate bank officials. The hackers used fake instructions to route the funds through accounts in the Philippines. Despite some funds being recovered, the incident raised global concerns about vulnerabilities in the international banking system.
2. Sony Bank Data Breach (2011): In 2011, Sony Bank, a subsidiary of Sony Corporation in Japan, experienced a massive data breach. Hackers gained access to the bank’s customer data, which included sensitive financial information. The attack was part of a broader wave of cyberattacks targeting high-profile institutions, and it underscored the vulnerability of online banking platforms.
3. The 2014 JPMorgan Chase Data Breach: One of the largest data breaches in banking history, the JPMorgan Chase hack involved cybercriminals stealing the personal information of 76 million households and 7 million small businesses. While the bank’s financial systems were not compromised, the breach revealed serious flaws in JPMorgan’s cybersecurity practices, leading to increased regulatory scrutiny for banks worldwide.
4. The Capital One Data Breach (2019): A former employee of Amazon Web Services exploited a vulnerability in Capital One’s systems to gain access to personal data of more than 100 million customers. The breach included sensitive financial information such as credit scores and credit card details, prompting Capital One to pay a substantial fine and increase security measures.

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