The Great Cyber War: AI Hackers Pushing the Financial Sector to the Limit
The billion-dollar hack at Binance shows that with AI, cybercriminals are becoming even more dangerous for financial service providers. UBS is also warning of growing risks. An insight into the banks' arm race against hackers.
The recent billion-dollar hack at Binance has raised concerns about the growing threat of cyberattacks on financial institutions, with the UBS warning of increasing risks. Cybercriminals are using artificial intelligence (AI) to carry out more sophisticated attacks, including phishing and deepfake technologies. The UBS has stated that the generative AI "stärkt die Fähigkeiten von Angreifern" and poses new challenges to protecting its systems and networks.
Revolut, a British neobank with 1.3 million customers in Switzerland, was recently hacked, with attackers stealing data from around 700 customers.
Written by urgent.news from NZZ Wirtschaft's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
