Up next in 10
We delve into the alarming cyber attack on the Bank of Uganda, highlighting the theft of 17 million dollars and the ongoing investigation. What does this mean for Uganda's cybersecurity and financial integrity? #CyberSecurity #Uganda #BankOfUganda #CyberCrime #FinancialIntegrity #HackingAlert #Investigation #SafetyOnline #DigitalRisk #AfricaCyberThreats
Show More Show Less View Video Transcript
0:06
and finally moving our Focus to the
0:08
rising cyber attacks in Africa Uganda
0:11
has confirmed that accounts in the east
0:13
African country Central Bank had been
0:15
hacked after reports claimed that
0:18
millions of dollars were stolen in the
0:20
cyber crime kalala however downplayed
0:23
the claims that the offshore hackers
0:25
Spirited Away as much as $17
0:28
Million last week reports had emerged
0:30
that a hacker group known as waste that
0:33
is based in Southeast Asia accessed the
0:36
bank of uganda's it systems and
0:38
illicitly transferred 62 billion Ugandan
0:42
shillings or $17 million earlier this
0:45
month the stolen money was then
0:47
deposited into accounts in Japan and the
0:49
United Kingdom the reports prompted
0:52
president Yi musi to order an
0:54
investigation into the matter and
0:56
criticism from the opposition of the
0:58
State of Affairs in the Country Now
1:01
addressing the parliament about the
1:02
incident after the opposition's demand
1:04
for clarification the minister of State
1:07
for finance planning and economic
1:09
development Henry masazi has said that
1:13
it was true that the account was hacked
1:16
but not to the extent of what is being
1:18
reported in the in the media musi has
1:21
added that the police's criminal
1:23
investigations department and the
1:25
auditor general were probing the
1:27
incident he also said that he will
1:29
present report of the findings of the
1:32
investigation in a month's time now the
1:35
local media report suggest that there is
1:37
a slight possibility that the ACT might
1:39
have actually been an Insider job that
1:42
was as a result of a collusion between
1:45
officials at the bank of Uganda the
1:47
ministry of finance's Treasury
1:48
Department and the accountant General's
1:51
office but nothing has been confirmed
1:54
yet cyber attacks have been on the rise
1:56
in Africa as the continent has been
1:58
undergoing arrest rapid
2:01
digitization weak cyber security systems
2:03
and minimal regulatory Frameworks across
2:06
the continent have left many countries
2:08
vulnerable to significant cyber threats
2:12
reports suggest that annual estimates
2:14
place the cost of cyber crime in Africa
2:17
anywhere between 4 billion And1
2:19
billion countries such as Nigeria Kenya
2:22
Uganda batswana South Africa Algeria
2:26
Tanzania Madagascar Chad and lutu among
2:30
others have been the most affected by
2:32
cyber crimes and artificial intelligence
2:35
induced fraud that have created severe
2:38
Financial tolls now cyber thieves from
2:42
Banks and other financial service
2:45
providers including Telecom firms have
2:47
occurred many times in Uganda and they
2:50
have remained a critical concern in the
2:52
country during the 2023 to 24 Financial
2:56
year
2:57
245 cases of cyber crime crimes were
3:00
reported to the police but some banks
3:03
that have been affected by these crimes
3:05
have been hesitant to publicly
3:08
acknowledge such incidents due to fears
3:11
of alienating
3:13
customers however reports suggest that
3:15
the bank of Uganda has said it was
3:17
waiting for a police probe report on the
3:19
alleged hacking before providing the
3:22
public with a detailed update reports
3:24
have also indicated that Ugandan police
3:27
had also written to the UK and Japan
3:29
seeking assistance in establishing the
3:32
identities of the
3:33
individuals however the Japanese Bank
3:36
through which the transfer was made
3:38
rejected uganda's request to freeze the
3:41
transfer made in August on the contrary
3:44
the England bank has affected uganda's
3:46
request to freeze $7 million but it is
3:49
believed that the hackers had already
3:51
withdrawn some of the money from the
3:53
bank in
3:54
England now while the probe is still
3:57
underway and will be keenly watched by
3:59
all it raises several questions on the
4:01
efficiency of security at the bank of
4:04
Uganda was the stealing of $17 million
4:07
an Insider job how will the government
4:10
be able to recover the lost money from
4:12
the hackers we will continue to get you
4:15
updates on this here on first
4:28
post e
#Computers & Electronics
#Banking
#World News