Latest news with #ChainIQ
Yahoo
2 days ago
- Business
- Yahoo
UBS and Pictet data leak after Chain IQ cyber attack
Swiss banks UBS and Pictet have confirmed a data leak resulting from a cyber attack on their subcontractor, Chain IQ, in Switzerland. According to a report by Reuters, citing Swiss newspaper Le Temps, files containing personal data of tens of thousands of UBS employees were stolen in the data breach. Separately, SWI part of the Swiss Broadcasting Corporation, reported that at Pictet, the cyber attack led to the theft of tens of thousands of supplier invoices dating back several years. Chain IQ revealed that it, along with 19 other companies, was targeted in the attack, which resulted in a data leak published on the darknet. The company stated that it has taken steps to contain the situation and is unable to provide details on ransom demands or interactions with the attackers due to security and investigative reasons. Chain IQ first communicated the breach on 13 June. The company, based in Baar, has subsidiaries in New York, London, Singapore, Mumbai, and Bucharest. '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 was quoted by Reuters as saying. 'As soon as UBS became aware of the incident, it took swift and decisive action to avoid any impact on its operations.' UBS is currently facing additional challenges. The Swiss government recently proposed new capital norms requiring UBS to increase its core capital by $26bn following its acquisition of Credit Suisse. This proposal aims to enhance financial stability and prevent future banking crises, mandating UBS to fully capitalise its foreign subsidiaries. UBS has been given a timeframe of six to eight years to comply once the legislation is enacted. Meanwhile, Pictet Bank is dealing with another issue. Switzerland's Office of the Attorney General imposed a fine on Pictet for organisational shortcomings that facilitated money laundering. "UBS and Pictet data leak after Chain IQ cyber attack " was originally created and published by Private Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Time of India
2 days ago
- Business
- Time of India
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. Also Read: New Baba Vanga July 5 Disaster Prediction: Here's what may happen on this day 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. Live Events Also Read: Nickelodeon Kids' Choice Awards 2025: How to vote for nominees? Here's date, time, host, venue, nominees and how to watch live on TV and stream online 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.
Economic Times
2 days ago
- Business
- Economic Times
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
Agencies Representative image 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 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. Also Read: New Baba Vanga July 5 Disaster Prediction: Here's what may happen on this day 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 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. Also Read: Nickelodeon Kids' Choice Awards 2025: How to vote for nominees? Here's date, time, host, venue, nominees and how to watch live on TV and stream online 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 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 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. 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.
Time of India
4 days ago
- Business
- Time of India
One of the largest banks in Europe confirms data loss after alleged cyberattack on its supplier
UBS Group AG has confirmed that company information was stolen in a cyber attack targeting one of its suppliers. This follows a report claiming that a hacker compromised the data of more than 1,30,000 employees of its supplier Chain IQ. Earlier, Swiss newspaper Le Temps reported that the employee data was published on the darknet after a ransomware attack on Chain IQ , a procurement service provider that spun off from Europe's seventh-largest bank in 2013. A hacker group identified as World Leaks, previously known as Hunters International, is reportedly responsible for the attack, according to the report. However, UBS has not confirmed the specific nature of the information that has been lost in the incident. What UBS said about the data breach In a statement to Bloomberg, the Swiss bank said: '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. As soon as UBS became aware of the incident, it took swift and decisive action to avoid any impact on its operations.' UBS' confirmation came after its supplier Chain IQ confirmed that it, along with 19 other companies, was targeted in a cyberattack . However, the supplier did not specify which data was compromised as well. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You to Read In 2025 Blinkist: Warren Buffett's Reading List Undo The leaked information reportedly included UBS CEO Sergio Ermotti's direct phone number and employee details such as addresses and office floors. Swiss private bank Pictet was also affected, but said the exposed data was limited to recent invoice details with some suppliers. 'The information obtained through the cyberattack on ChainIQ systems does not contain any client data of Pictet,' the bank noted. Recent increase in cyberattacks on European banks In 2024, cyberattacks on Swiss financial institutions increased by nearly 50%, according to the country's financial regulator, which identified outsourcing critical operations to third parties as a major operational risk. Elsewhere in Europe, the European Central Bank warned that some banks are still falling short in addressing cyber threats, pointing to data breach es at ABN Amro and Banco Santander caused by hacks at external suppliers. Xbox Games Showcase 2025 Highlights: Biggest Game Reveals, New Consoles & More! AI Masterclass for Students. Upskill Young Ones Today!– Join Now
CNA
4 days ago
- Business
- 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.
