Swiss financial regulator warns over rising cyber attacks and AI risks

Cyber attacks have risen significantly, according to Marlene Amstad, chair of the FINMA's board of directors. Keystone-SDA

The Swiss Financial Market Supervisory Authority (FINMA) has warned banks and insurers about the growing risks posed by artificial intelligence and cyber threats.

Cyber attacks have risen significantly, according to Marlene Amstad, chair of the FINMA’s board of directors.

“We are seeing a marked increase in cyber attacks – amounting to a third – across all the financial institutions we supervise,” the 58-year-old told Finanz und Wirtschaft in an interview published on Saturday.

Asked whether advanced AI models developed by companies such as OpenAI and Anthropic pose a threat to UBS, given its extensive international exposure, the executive said the risks extend far beyond any single institution.

“The threat posed by highly developed AI affects the entire sector,” she said. To reduce the risks of a systemic collapse, FINMA has placed direct responsibility on the banks. They bear the responsibility and must keep their operational risks under control at all times, particularly those linked to third-party providers, said Amstad, who is also a professor at the University of Bern.

The main challenge is speed. “We must be quick enough to keep pace with technological development,” she added, noting that FINMA is enhancing its internal AI applications and stepping up international cooperation.

+ Almost one attack a day reported on critical Swiss infrastructures

Amstad also warned that industry and the authorities must also prepare for emerging technologies such as quantum computers, which, although still in the development phase, could have “major implications for the security” of the financial system.

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Translated from Italian, reviewed by an English Department journalist.