At a panel at the Hong Kong Monetary Authority's Global Financial Leaders' Investment Summit on Tuesday, UBS CEO Sergio Ermotti said cyberattacks are rising in frequency and becoming more sophisticated, and that defending against them is now as important as—or even more important than—traditional credit and market risk management. He said cyber risk is growing exponentially and that strong governance, clear accountability and rapid response capabilities are essential. Cybersecurity has "almost b

At a panel at the Hong Kong Monetary Authority's Global Financial Leaders' Investment Summit on Tuesday, UBS CEO Sergio Ermotti said cyberattacks are rising in frequency and becoming more sophisticated, and that defending against them is now as important as—or even more important than—traditional credit and market risk management. He said cyber risk is growing exponentially and that strong governance, clear accountability and rapid response capabilities are essential. Cybersecurity has "almost become the core issue of bank risk management," he added, saying the statement applies to all banks.