Uganda's banking sector is undergoing rapid digital transformation. Mobile banking, internet banking, and agent banking have expanded financial access across the country — but they've also expanded the attack surface for cybercriminals.
Based on our security assessments across multiple Ugandan financial institutions in 2025–2026, here are the five most pressing cyber threats we're seeing.
1. Ransomware Targeting Core Banking Systems
Ransomware attacks on financial institutions have increased by over 300% across Africa in the past two years. Attackers are specifically targeting core banking systems, knowing that downtime costs banks millions in lost transactions and regulatory penalties.
2. Mobile Banking API Vulnerabilities
As banks rush to deploy mobile banking solutions, API security is often an afterthought. We've found critical vulnerabilities in mobile banking APIs that could allow attackers to access customer accounts, initiate unauthorised transfers, or extract personal data.
3. Insider Threats and Privileged Access Abuse
Not all threats come from outside. Insider threats — whether malicious or negligent — remain one of the most difficult risks to manage. Banks with weak access controls and no privileged access monitoring are particularly vulnerable.
4. Social Engineering and Business Email Compromise
Phishing attacks targeting bank employees have become more sophisticated. Business email compromise schemes targeting treasury and finance teams are costing Ugandan organisations significant sums.
5. Compliance Gaps with Bank of Uganda Regulations
Bank of Uganda's cybersecurity guidelines require supervised institutions to maintain specific security controls. Many banks are not fully compliant, leaving them exposed to both cyber attacks and regulatory action.