UBS and Pictet report data leak after cyber attack on provider, client data unaffected
ZURICH :Swiss banks UBS and Pictet said on Wednesday they had suffered a data leak due to a cyber attack on a provider in Switzerland that did not compromise client information, although a report said thousands of UBS workers' data was affected.
Swiss newspaper Le Temps said that files containing details of tens of thousands of UBS employees were stolen from the Baar-based business service company Chain IQ, whose website lists KPMG and Mizuho among its clients.
"A cyber attack at an external supplier has led to information about UBS and several other companies being stolen. No client data has been affected," UBS said.
"As soon as UBS became aware of the incident, it took swift and decisive action to avoid any impact on its operations."
The leaked cache also included the number of a direct internal line to UBS CEO Sergio Ermotti, Le Temps reported.
Chain IQ said it and 19 other companies were targeted in the attack, resulting in leaked data being published online on the darknet - a part of the internet not accessible through standard search engines.
Steps and countermeasures were promptly taken and the situation was contained, it said in a statement.
Swiss financial market regulator Finma said it was aware of the incident and was handling it in line with established procedures.
In a statement, KPMG said its infrastructure has not been affected by the cyber attack, but that it had put added safeguards in place after news of the leak.
Chain IQ, which said the data was published on the afternoon of June 12, said that it could not provide any information on potential ransom demands or interactions with the attackers for security and investigative reasons.
Private bank Pictet said the information stolen did not contain its client data and was limited to invoice information with some of the bank's suppliers, such as technology providers and external consultants.
Pictet said it took data breaches seriously and had protocols and agreements in place to stop unauthorised access.
The attack was a reminder that third parties can leave even the biggest institutions exposed and that could have a potential long-term impact on Swiss banking, said Ilia Kolochenko, CEO of a Swiss-based security firm ImmuniWeb.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Times
4 hours ago
- Business Times
All eyes on Asia: How investors are future-proofing their portfolios
UBS SUCCESSFULLY launched its inaugural Asian Investment Conference Singapore Wealth Edition. More than 1,000 clients, entrepreneurs, family offices and policymakers convened to explore how wealth owners in Asia Pacific (APAC) and beyond are adapting their strategies to today's dynamic investment environment. Among the distinguished speakers were President Bill Clinton, 42nd President of the United States and Founder, Clinton Foundation, Gan Kim Yong, Singapore's Deputy Prime Minister and Minister for Trade and Industry, and Chairman of the Monetary Authority of Singapore, and Ravi Menon, Singapore's Ambassador for Climate Action and Chairman, ImpactSG. Overall topics from the conference included how investors, companies and countries can navigate the current global conditions and market environment. As markets grapple with heightened volatility, the wealthy are taking a closer look at diversification strategies and increasing their exposure to Asia. (From left) Edmund Koh, Chairman UBS Asia Pacific, Gan Kim Yong, Singapore's Deputy Prime Minister and Minister for Trade and Industry, and Chairman of the Monetary Authority of Singapore, Iqbal Khan, Co-President UBS Global Wealth Management and President UBS Asia Pacific, and Young Jin Yee, Co-Head UBS Global Wealth Management Asia Pacific and Country Head UBS Singapore at the inaugural UBS Asian Investment Conference Singapore Wealth Edition. Photo: UBS Said Iqbal Khan, Co-President UBS Global Wealth Management and President UBS Asia Pacific: 'Singapore stands at the crossroads of global finance – making it an ideal setting for meaningful dialogue and forward-looking perspectives.' Khan reaffirmed the importance of the region to UBS's global ambitions. 'APAC is crucial to our growth strategy, as reflected in our first quarter results where our APAC business surpassed US$900 billion (S$1.15 trillion) in assets under management. The results highlight our clients' trust in our advice and global capabilities to protect their wealth in today's macroeconomic environment.' Young Jin Yee, Co-Head UBS Global Wealth Management Asia Pacific and Country Head UBS Singapore highlighted the region's enduring appeal as a key investment destination, noting that family offices in South-east Asia allocate a fifth of their investments in APAC (excluding Greater China). 'Against a volatile macroeconomic environment, UBS is well-placed to grow, protect and preserve our clients' wealth for generations,' she said. Resilience in a shifting global order The day's opening keynote featured a dialogue between Young and DPM Gan, who outlined how Singapore is positioning itself for the future. DPM Gan noted that Singapore's resilience is underpinned by its ability to adapt quickly, invest in talent and remain open to global trade and ideas. This, he said, will be critical as the country works to retain its edge as a hub for finance, innovation and enterprise. Young Jin Yee, Co-Head UBS Global Wealth Management Asia Pacific and Country Head UBS Singapore (left), in dialogue with Gan Kim Yong, Singapore's Deputy Prime Minister and Minister for Trade and Industry, and Chairman of the Monetary Authority of Singapore. Photo: UBS Throughout the day, conference sessions explored how investors can navigate a landscape marked by inflationary pressure, changing interest rate expectations and a rapidly evolving technology sector. Speakers discussed the investment opportunities in Asia, the role of the US dollar in a multipolar world and the economic rebalancing underway in China. Amid these discussions, one recurring theme was how to stay invested while managing risk. UBS's Chief Investment Office advocates for a phased approach to investing as a way to manage market volatility. For clients who prefer a guided strategy to achieve this, discretionary mandates may be an option that allows professionals to manage portfolios based on clients' risk appetite and long-term objectives. To support this approach, the bank offers a range of solutions, one of them being UBS My Way, a digital-first mandate offering that enables clients to tailor their own portfolios with over 70 investment options, spanning active, passive, direct and thematic strategies. Business leaders, family offices and policymakers gathered at the inaugural UBS Asian Investment Conference Singapore Wealth Edition to explore wealth management strategies and navigate investment opportunities in today's dynamic Asia Pacific environment. Photo: UBS Investing with purpose The conference also explored how climate goals are influencing investment decisions. In a panel on the climate crisis, Menon and Desmond Kuek, Executive Director and CEO of Temasek Trust, discussed how investors can drive climate action amid economic and geopolitical uncertainty. The day concluded with a high-profile dialogue featuring President Bill Clinton, 42nd President of the United States and Founder, Clinton Foundation with Iqbal Khan, Co-President UBS Global Wealth Management and President UBS Asia Pacific. At the UBS Asian Investment Conference Singapore Wealth Edition, some of the internationally renowned speakers include: Howard Marks, Co-Chairman, Oaktree Capital Management John Reade, Senior Market Strategist, World Gold Council Tan Sri Andrew Sheng, Distinguished Fellow, Asia Global Institute, University of Hong Kong Tao Dong, External Senior Expert Thuy Vu Dropsey, Chief Corporate Development and Strategic Finance Officer, Vingroup Asia's wealth at an inflection point The recent release of the UBS Global Family Office Report 2025 provided deeper insight into how the region's most sophisticated investors are adjusting their wealth management strategies. For instance, family offices in South-east Asia are increasing allocations to private equity and private debt, while maintaining significant exposure to Asia Pacific (APAC) markets. Preferred asset classes include developed market equities and bonds, with nearly half of APAC family offices planning to increase exposure to both developed and emerging market equities. The report also found that succession planning is gaining traction. More than half of APAC family offices will involve the next generation in board roles, with many also preparing them for management responsibilities. Expand Learn more about UBS Manage. This material is for distribution only under such circumstances as may be permitted by applicable law. It has not been prepared with regards to the specific investment objectives, financial situation or particular needs of any specific person. It is published solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments or to participate in any particular trading or investment strategy. The contents of this material should not be construed as legal, tax, accounting, regulatory, or other specialist or technical advice or services or investment advice or a personal recommendation. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein except with respect to information concerning UBS Group AG, its subsidiaries and affiliates ('UBS'), nor is it intended to be a complete statement or summary of the matters referred to in this material. It should not be regarded by recipients as a substitute for the exercise of their own judgment. Any opinions expressed in this material are subject to change without notice and may differ or be contrary to opinions expressed by other business areas or business divisions of UBS as a result of using different assumptions and criteria. UBS is under no obligation to update or keep current the information contained herein, and past performance is not necessarily indicative of future results. Not all products and services are available to citizens or residents of all countries. Neither UBS nor any of its directors, officers, employees or agents accept any liability for any loss or damage arising out of the use of all or any part of this material or reliance upon any information contained herein. Additional information may be made available upon request. Clients wishing to effect transactions should contact their local sales representative. UBS specifically prohibits the redistribution or reproduction of this material in whole or in part without the prior written permission of UBS and UBS accepts no liability whatsoever for the actions of third parties in this respect. © UBS 2025. The key symbol and UBS are among the registered and unregistered trademarks of UBS. Other marks may be trademarks of their respective owners. All rights reserved.
CNA
8 hours ago
- CNA
Iran crypto exchange hit by hackers, $90 million destroyed
An anti-Iranian hacking group with possible ties to Israel announced an attack on one of Iran's largest cryptocurrency exchanges on Wednesday, destroying nearly $90 million and threatening to expose the platform's source code. A group known as Gonjeshke Darande, or 'Predatory Sparrow,' claimed the attack, making it the group's second operation in two days. On Tuesday the group claimed to have destroyed data at Iran's state-owned Bank Sepah amid the increasing hostilities and missile attacks between Israel and Iran. Wednesday's attack targeted Nobitex, one of Iran's largest cryptocurrency exchanges. The platform allegedly helps the Iranian government avoid sanctions and finance illicit operations around the world, the hackers claimed in a message posted to its social media channels early Wednesday. Nobitex's website was unavailable Wednesday. Messages sent to the company's support channel on Telegram were not returned. Gonjeshke Darande did not respond to requests for comment. Nobitex said in a post on X that it had pulled its website and app offline as it reviewed 'unauthorized access' to its systems. Gonjeshke Darande is an established hacking group with a history of sophisticated cyberattacks targeting Iran. A 2021 operation claimed by the group caused widespread gas station outages, while a 2022 attack targeting an Iranian steel mill caused a large fire and tangible, offline damage. Israel has never formally acknowledged that it is behind the group, although Israeli media has widely reported Gonjeshke Darande as 'Israel-linked.' Wednesday's attack started in the early hours of the morning when funds were moved to hacker-controlled wallets denouncing the Islamic Revolutionary Guard Corps (IRGC), according to blockchain analysis firm TRM Labs, which pegged the total theft at about $90 million across multiple types of cryptocurrencies. The way the hacker-controlled wallets were created suggests the hackers would not be able to access the stolen money, meaning that the hackers 'effectively burned the funds in order to send Nobitex a political message,' blockchain analysis firm Elliptic said in a blog post. Elliptic's post shared evidence that Nobitex had sent and received funds to cryptocurrency wallets controlled by groups hostile to Israel, including Palestinian Islamic Jihad, Hamas and Yemen's Houthis. Senators Elizabeth Warren and Angus King had raised concerns about Nobitex's role in enabling Iranian sanctions evasion in a May 2024 letter to top Biden administration officials, citing Reuters' reporting from 2022. Andrew Fierman, head of national security intelligence with Chainalysis, confirmed in an email to Reuters that the value of the attack was roughly $90 million and that it was likely geopolitically motivated, given that the money was burned. Chainalysis has 'previously seen IRGC-affiliated ransomware actors leveraging Nobitex to cash out proceeds, and other IRGC proxy groups leveraging the platform,' Fierman said.
CNA
9 hours ago
- CNA
UBS and Pictet report data leak after cyber attack on provider, client data unaffected
ZURICH :Swiss banks UBS and Pictet said on Wednesday they had suffered a data leak due to a cyber attack on a provider in Switzerland that did not compromise client information, although a report said thousands of UBS workers' data was affected. Swiss newspaper Le Temps said that files containing details of tens of thousands of UBS employees were stolen from the Baar-based business service company Chain IQ, whose website lists KPMG and Mizuho among its clients. "A cyber attack at an external supplier has led to information about UBS and several other companies being stolen. No client data has been affected," UBS said. "As soon as UBS became aware of the incident, it took swift and decisive action to avoid any impact on its operations." The leaked cache also included the number of a direct internal line to UBS CEO Sergio Ermotti, Le Temps reported. Chain IQ said it and 19 other companies were targeted in the attack, resulting in leaked data being published online on the darknet - a part of the internet not accessible through standard search engines. Steps and countermeasures were promptly taken and the situation was contained, it said in a statement. Swiss financial market regulator Finma said it was aware of the incident and was handling it in line with established procedures. In a statement, KPMG said its infrastructure has not been affected by the cyber attack, but that it had put added safeguards in place after news of the leak. Chain IQ, which said the data was published on the afternoon of June 12, said that it could not provide any information on potential ransom demands or interactions with the attackers for security and investigative reasons. Private bank Pictet said the information stolen did not contain its client data and was limited to invoice information with some of the bank's suppliers, such as technology providers and external consultants. Pictet said it took data breaches seriously and had protocols and agreements in place to stop unauthorised access. The attack was a reminder that third parties can leave even the biggest institutions exposed and that could have a potential long-term impact on Swiss banking, said Ilia Kolochenko, CEO of a Swiss-based security firm ImmuniWeb.
