BERN — Switzerland’s financial regulator has warned banks and insurers of growing risks from cyberattacks, artificial intelligence and emerging technologies, as threats to the country’s financial sector continue to increase.
Marlene Amstad, chair of the Swiss Financial Market Supervisory Authority’s (FINMA) board of directors, said cyberattacks had risen significantly across the financial institutions supervised by the regulator.
“We are seeing a marked increase in cyber attacks – amounting to a third – across all the financial institutions we supervise,” Amstad told Swiss financial newspaper Finanz und Wirtschaft.
Asked about the potential threat posed by advanced AI models to banking giant UBS, Amstad said the risks extended across the financial industry rather than being confined to a single institution.
“The threat posed by highly developed AI affects the entire sector,” she said.
FINMA has placed responsibility on financial institutions to ensure operational risks remain under control, particularly risks associated with third-party service providers that could contribute to wider systemic disruptions.
Amstad said the rapid pace of technological development was also creating challenges for regulators.
“We must be quick enough to keep pace with technological development,” she said.
She added that FINMA was expanding its own use of artificial intelligence while strengthening cooperation with regulators internationally.
Amstad also urged financial institutions and authorities to prepare for the potential impact of quantum computing. Although the technology remains under development, she warned it could have “major implications for the security” of the financial system.
Source: Saudi Gazette