16 Billion Passwords Leak: Is your data safe with third-party vendors of any company? Cyber attack on Swiss supplier exposes UBS and Pictet employee data while banks claim no client data was affected. Here's what you should do now to be safe online
Two major Swiss banks, UBS and Pictet, have reported a data breach caused by a cyber attack on one of their Swiss-based suppliers. The incident has raised questions about third-party risks and the wider implications for the country's banking sector.
Service Provider Breach Affects Employee Info
UBS and Pictet confirmed that their internal data was exposed due to a cyber attack on Baar-based company Chain IQ. The leaked data included information related to UBS employees. UBS stated that no client data was affected. Chain IQ provides business services to several firms, including KPMG and Mizuho.
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Cyber Attack Disrupts Multiple Companies
Chain IQ reported that it and 19 other firms were targeted. The stolen data was later found published on the darknet. UBS said it acted immediately to prevent operational disruption. Le Temps reported that the exposed data included a direct line number of UBS CEO Sergio Ermotti.
Regulators and Partners Respond
Swiss regulator Finma confirmed it was aware of the incident and had started following its internal procedures. KPMG stated that its systems were not impacted but it had added extra protective measures. Pictet said that only limited data related to invoices and suppliers was affected, not client data.
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Chain IQ Statement
Chain IQ said the breach occurred on June 12. The firm mentioned that it could not share details about ransom demands or communication with the attackers due to ongoing investigations. It stated that it had taken actions to contain the breach.
What you should do now to be safe online?
In a separate but related issue, 16 billion passwords continue to be exposed online. A previous leak involved nearly 10 billion passwords. Even if you believe you are not affected by this or other leaks, it is still a good idea to reset your passwords.
You should use strong and unique passwords for each platform, turn on multi-factor authentication (MFA) where available, keep a close watch on your account activity and reach out to customer support if you notice anything unusual.
FAQs
Was client data affected by the UBS and Pictet data breach?
No. Both UBS and Pictet confirmed that the cyber attack did not compromise any client-related information, only internal employee or supplier data.
How can users protect themselves from password leaks?
Users should reset their passwords, avoid reusing them, enable multi-factor authentication, and monitor accounts for unusual activities.
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