In a recent cyberattack, over $350,000 meant for a Somali solar energy initiative was stolen, revealing serious security weaknesses at the India-based International Solar Alliance (ISA). The funds, designated for Hayle Barise Energy Solutions, which is developing solar infrastructure in Somalia, were instead redirected to an account in the UAE.
The breach came to light on September 23 when Hayle Barise Energy Solutions informed ISA that they hadn’t received the expected payment. Investigations uncovered that cybercriminals had infiltrated ISA’s email system, diverting the funds to a fraudulent account in Dubai.
Ajay Mathur, ISA’s Director General, provided a detailed account in a letter to India’s Union Minister for New and Renewable Energy, Pralhad Joshi. Mathur explained that the hackers altered bank details of international vendors, replacing legitimate emails with fraudulent ones to reroute the payments. In response, ISA has filed a police report, issued warnings to implicated staff, and bolstered its cybersecurity measures.
“We processed a payment of $357,783 (Rs 3 crore) in good faith. However, due to forgery, we now face potential disputes with vendors or banks regarding the same amount,” Mathur stated in the letter.
This incident follows a similar attack just weeks earlier when the bank account of German renewable energy vendor RENAC AG was compromised, raising concerns about recurring vulnerabilities in ISA’s systems.
The attack is part of a sophisticated Business Email Compromise (BEC) scheme, where attackers impersonate businesses to manipulate employees into transferring funds to fraudulent accounts. BEC schemes often exploit weak email security and phishing tactics, causing significant financial damage to organizations.
Experts suggest organizations implement robust verification protocols, regularly train employees to detect phishing attempts, and adopt advanced security tools to prevent such frauds.
For Somalia, where reliable electricity is still scarce, companies like Hayle Barise Energy Solutions are critical in expanding solar energy infrastructure. This company, part of the broader Hayle Barise Group, works in collaboration with the Somali government and international donors. The potential loss of these funds could severely disrupt efforts to deliver off-grid solar solutions to rural areas, halting projects aimed at improving electricity access.
Founded in 2015, the Hayle Barise Vocational Training Center also plays a key role in training people in renewable energy and other trades. Any financial setback could jeopardize these essential programs.
The ISA, launched by Indian Prime Minister Narendra Modi, aims to mobilize $1 trillion in solar investments by 2030, with a goal of generating 1,000 GW of solar power worldwide. Somalia is one of 101 member countries, including 48 African nations, working with the ISA to expand solar energy.