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UBS Confirms Data Breach After Cyberattack on External Vendor

Posted on July 9th, 2025 at 2:43 PM
UBS Confirms Data Breach After Cyberattack on External Vendor

From the desk of Jim Eccleston at ÍøÆØ³Ô¹Ï

UBS Group AG has confirmed that a cyberattack on one of its third-party suppliers resulted in stolen company information, though no client data was compromised. The breach underscores the growing operational risks financial institutions face when outsourcing key services, according to ThinkAdvisor.

Swiss newspaper Le Temps first reported the breach, linking it to a ransomware attack on procurement services firm Chain IQ. The hackers, operating under the name World Leaks, formerly Hunters International, reportedly leaked data on the darknet, including details of more than 130,000 employees. UBS declined to confirm specifics of the compromised information. ThinkAdvisor reports that Switzerland’s financial regulator has raised alarms about the increasing frequency and sophistication of cyberattacks targeting financial firms. Successful incidents reportedly jumped nearly 50 percent in 2024, with regulators warning that outsourcing critical functions heightens exposure to those risks.

Similar vulnerabilities have surfaced elsewhere in Europe. Last year, ABN Amro and Banco Santander both disclosed breaches involving external vendors. European Central Bank officials have since urged financial institutions to strengthen cyber defenses and reassess third-party risk management, according to ThinkAdvisor.

 

ÍøÆØ³Ô¹Ï LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

Tags: eccleston, eccleston law, ubs

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