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UBS and Pictet Report Data Leak Following Cyber Attack on Service Provider; Client Data Safe

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Swiss banks UBS and Pictet disclosed on Wednesday that they were affected by a data leak caused by a cyber attack on their Swiss-based service provider, Chain IQ. Despite the breach, neither bank reported any compromise of client information.

According to Swiss newspaper Le Temps, tens of thousands of UBS employees’ data, including contact details and a direct internal line to UBS CEO Sergio Ermotti, were stolen. Chain IQ, headquartered in Baar, provides services to major firms including KPMG and Mizuho.

UBS confirmed that the incident involved stolen information related to the bank and other companies, emphasizing that no client data was affected. The bank said it responded quickly to mitigate operational impacts.

Chain IQ revealed that the cyber attack targeted it and 19 other companies, with some data published on the darknet. The firm stated that countermeasures were immediately implemented to contain the situation but declined to comment on ransom demands or communications with attackers due to ongoing investigations.

KPMG, listed as a Chain IQ client, said its infrastructure remained unaffected but enhanced its security protocols in response to the breach.

Pictet reported that only invoice-related information involving some of its suppliers, such as technology providers and consultants, was stolen. The private bank reassured that client data remained secure and stressed the importance of strict controls to prevent unauthorized access.

Swiss financial regulator Finma is overseeing the case according to standard procedures.

Cybersecurity expert Ilia Kolochenko of ImmuniWeb warned that breaches at third-party vendors pose a significant risk even to top financial institutions, potentially affecting the long-term trust in Swiss banking.

M&S Faces $400 Million Hit from Cyberattack, Online Disruption to Last Into July

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Marks & Spencer (M&S) confirmed on Wednesday that the cyberattack disclosed in April will cost the British retailer approximately £300 million ($403 million) in lost operating profit, with disruption to its online operations expected to continue into July.

The attack, described by the company as “highly sophisticated and targeted“, forced M&S to shut down its automated stock systems, temporarily reverting to manual, pen-and-paper processes to manage billions of pounds worth of fresh food, clothing, and home goods. The fallout led to empty food shelves, delayed deliveries, and significant customer dissatisfaction.

Financial and Operational Impact

The cyberattack has been a major blow to M&S during a crucial period in its ongoing turnaround strategy. It has already:

  • Wiped more than £1 billion off M&S’s market value,

  • Halted online clothing, home and beauty sales, which have been “heavily impacted”,

  • Caused reduced food availability, higher waste, and increased logistics costs.

Despite this, in-store sales have remained “resilient,” and food sales recovered over the past week.

CEO Stuart Machin said the company expects 85% of online clothing and home items to be back on the site in the coming weeks. However, the full system restart will continue into July.

M&S reported £984.5 million in operating profit for the year ended March 29. It expects to mitigate some of the projected £300 million loss through insurance claims, cost-saving measures, and operational recovery.

Source and Method of Breach

Machin reiterated that the breach did not result from a failure in M&S’s own cybersecurity infrastructure. Instead, hackers gained access via “social engineering” at a third-party contractor. The attackers used deceptive methods to trick employees, breaching external access points rather than M&S’s internal systems.

“We didn’t leave the door open. This wasn’t anything to do with underinvestment,” said Machin.

The National Crime Agency has linked the incident to a group of young, English-speaking hackers, part of a wider pattern of cyberattacks affecting UK institutions including the British Library, London Underground, and blood testing services.

Market Reaction and Outlook

Despite the disruption, M&S shares rose 2% on Wednesday, reflecting investor confidence in the company’s recovery efforts. The stock is still down 9% since the attack.

Archie Norman, M&S chairman, acknowledged the setback but remained optimistic about the company’s broader transformation:

“Just as you think you’re onto a good streak, events have a way of putting you on your backside.”

Analysts said M&S’s strong underlying performance — with adjusted pretax profit up 22.2% and sales rising 6.1% to £13.9 billion — suggests its turnaround remains intact. The clothing and food divisions both gained market share, reinforcing the company’s momentum before the attack.

Nevertheless, competitors like Next, John Lewis, Tesco, and Sainsbury’s may benefit from M&S’s temporary online absence.

Cybersecurity Response

M&S stated that it will use the crisis to accelerate improvements in its technology infrastructure, emphasizing the importance of resilience in the face of rising global cyber threats.

The retailer also disclosed a £248.5 million non-cash impairment charge, linked to longer-term digital and operational investments affected by the incident.