Most Banks are currently vulnerable to computer generated attacks since they have not changed their operating systems to new Microsoft Windows 7 and 8.
Only three banks out of a total of 26 banks in the country have changed their systems even after Microsoft gave a warning over its withdrawal on the 8th of April. The financial institutions updated their system 10 years ago with Windows XP, making them likely victims of fraud and hacking.
There has been recorded cases of Banks and telecom companies losing a lot of money in cyber fraud, the problem now described as “Severe and skyrocketing.”
The National Information Technology Authority Uganda announced a banking and ICT summit to discuss solutions to the banking fraud, IT security threats, risks, and regulations. Although many banks prefer keeping quiet over scums of fraud, to retain public trust, Nita-U Director James Saaka admits the cases have dominated the industry.
In the state, banks loose between $1m to $10m annually in cyber fraud with East African banks losing $48.3m in the same yearly.