Swiss regulator warns financial sector of rising cyberattacks, AI risks
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…
Bern — Switzerland’s financial regulator, FINMA, has cautioned banks and insurers regarding the escalating risks from cyberattacks, artificial intelligence, and emerging technologies as threats to the country's financial sector intensify. Marlene Amstad, chair of FINMA’s board of directors, reported a significant surge in cyberattacks across supervised financial institutions, noting that such attacks accounted for approximately one-third of incidents.
When questioned about the potential hazards associated with advanced AI models, Amstad emphasized that the risk posed by highly sophisticated AI systems extends beyond individual banks, affecting the entire sector. FINMA has urged financial institutions to maintain control over operational risks, particularly those associated with third-party service providers that might contribute to broader systemic disruptions.
Amstad acknowledged the fast-paced evolution of technology as a challenge for regulators, stating the need to keep up with technological advancements. FINMA is increasing its own use of artificial intelligence while enhancing international cooperation with other regulatory bodies. Additionally, Amstad stressed the importance of preparing for the potential implications of quantum computing, despite the technology still being under development, noting its potential major impact on the security of the financial system.
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