Swiss banks UBS and Pictet recently suffered a data leak caused by a cyberattack on one of their service providers. According to Reuters and other news agencies, no client data was compromised in the attack.
A report by the Swiss newspaper Le Temps revealed that files containing personal details of tens of thousands of UBS employees were stolen. The data was taken from Chain IQ, a business services company based in Baar, Switzerland. Chain IQ serves major clients such as KPMG and Mizuho.
UBS told Bloomberg that the attack targeted an external supplier. The bank confirmed that no client information was affected. “Once UBS learned of the incident, it acted quickly to prevent any impact on its operations,” the statement said.
Pictet also confirmed a data breach involving Chain IQ. The compromised data included vendor invoice details related to some of Pictet’s suppliers, like technology providers and consultants. However, Pictet stressed that no client data was involved.
“We treat all data breaches very seriously,” Pictet said in a statement to WealthBriefing. “We took immediate precautions after learning of the breach and worked with Chain IQ to fix the vulnerabilities quickly.”
This incident highlights why cybersecurity remains a top concern for banks and wealth management firms, including family offices. Last week, Family Wealth Report held a forum in New York focusing on cybersecurity in this sector.
The global cybersecurity market is large and growing rapidly. In 2024, it was valued at over $200 billion, with projections estimating growth to nearly $700 billion by 2035 (SecurityBrief UK).
Paulius Vanagas, NordVPN’s country manager for Switzerland and Austria, said, “It’s no longer a matter of if, but when a cyberattack will happen. Financial companies are especially vulnerable due to their complex digital systems and the importance of trust and data protection.”
Vanagas also warned about supply chain attacks, where hackers target third-party companies to gain valuable data. “Even if customer data is safe, attacks on suppliers can be part of larger, coordinated cyber campaigns,” he explained.
Marijus Briedis, NordVPN’s CTO, added, “Even the strongest organizations can be at risk if there is a weak link in their supply chain. Continuous vigilance and adapting to new threats are essential, especially for financial institutions with complex networks.”
