Cybercrime doubles in Uganda, elevating financial stability risks
At the inaugural National Cybersecurity Conference, the Bank of Uganda warned that rising cyberattacks threaten macroeconomic stability. The central bank emphasized binding risk guidelines and called for cross-sector resilience across digital networks.
Crime figures double as connectivity expands
Reported cybercrime cases in Uganda increased by over 93 percent from 245 in 2023 to 474 in 2024, remaining elevated at 412 in 2025 with annual losses in the billions of shillings.
According to an assessment by the National Information Technology Authority Uganda (NITA-U), four in ten small and medium enterprises have suffered attacks.
The country counts 23 million citizens online, aiming under its Digital Transformation Roadmap to reach 90 percent broadband coverage and 90 percent e-services access by 2040.
To counter vulnerabilities, the Bank of Uganda enforced Cyber and Technology Risk Management Guidelines in December 2024, requiring supervised lenders to implement strict governance and security controls.
When technical faults become financial shocks
Digital networks connect telecom operators, payment systems and cloud providers, creating channels where localized disruptions rapidly propagate across sectors.
The central bank stressed that system reliability now matches capital and liquidity in preserving stability.
Uganda operates under the National Cybersecurity Strategy 2022–2026 and the National Information Security Framework 2026. “Trust is not a soft virtue added on top of sound economics; it is infrastructure,” the address emphasized.
Frameworks alone cannot stop breaches
Shifting cyber responsibility to an ecosystem level correctly reflects modern systemic risks.
However, ambitious national targets mean little if smaller lenders and suppliers remain weak entry points for automated attacks.
Without joint testing and cross-sector enforcement, regulatory frameworks will remain paper promises.