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2026-11-03 13:50:25
[UBS CEO: Cyber Risk Rising Exponentially, Now a Core Issue in Bank Risk Management] (1) On Tuesday, at a panel discussion at the Global Financial Leaders Investment Summit hosted by the Hong Kong Monetary Authority, UBS CEO Sergio Ermotti stated that with the increasing frequency and sophistication of cyberattacks on the banking industry, the importance of preventing cyberattacks is no less than, and may even exceed, traditional credit risk and market risk management. (2) He pointed out that cyber risk is growing "exponentially," which is "the price that must be paid for all innovation and digitalization processes." (3) In this environment, sound governance mechanisms, clear division of responsibilities, and rapid response capabilities are crucial. (4) He stated, "Today, cybersecurity has almost become a core issue in bank risk management. I believe this is true for all banks."
