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 Eccleston Law

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.

 

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

Tags: eccleston, eccleston law, ubs

Return to Archive

TESTIMONIALS

Previous
Next

Thank you for your professional assistance with this matter. You are very good at what you do.

John T.

LATEST NEWS AND ARTICLES

July 31, 2025
Florida Attorney General Targets RAD Diversified REIT Over Suspected Ponzi Scheme

Florida Attorney General James Uthmeier has launched an aggressive investigation into RAD Diversified REIT, Inc., its subsidiaries, and its owners, Brandon “Dutch” Mendenhall and Amy Vaughn, for allegedly violating Florida’s Deceptive and Unfair Trade Practices Act and other state laws.

July 30, 2025
Florida Woman Arrested in $2.6 Million Theft Scheme Tied to Former Merrill Lynch Advisor

A Florida woman faces multiple felony charges for allegedly helping a former Merrill Lynch advisor steal millions from a high-profile NFL client, as reported by AdvisorHub.

July 29, 2025
Stifel Faces Mounting Arbitration Losses Over Chuck Roberts' Structured Note Sales

Stifel Financial has reached another substantial settlement connected to a controversial structured note strategy promoted by Miami-based broker Chuck A. Roberts.