Cybercrime on the Rise in Liechtenstein: Financial Institutions at Risk
Liechtenstein, a small European country, is facing an increasing threat of cybercrime. As financial institutions play a significant role in the global economy, the authorities are working diligently to combat this menace.
Establishing a Cybersecurity Strategy
Experts indicate that Liechtenstein is developing a Cybersecurity Strategy and engaging in international cooperation on a bilateral and multilateral basis to fulfill its obligations stemming from the Budapest Convention. The Government has identified cybercrime as one of the main legal challenges it faces, aiming to accelerate legal procedures to meet the evolving threat.
Compliance with the Budapest Convention
Liechtenstein’s substantive and procedural criminal law framework is fully in line with the Convention requirements. Although there is no specific Cybercrime Law, the Budapest Convention is part of its internal legal order. Additional provisions for implementing the Convention can be found in various laws and regulations.
Key Provisions Implemented
The country has implemented several key articles of the Cybercrime Convention, including:
- Illegal access
- Interception
- Data interference
- System interference
- Misuse of devices
- Computer-related forgery
- Copyright infringement
These crimes are outlined in detail in the Criminal Code, while the Code of Criminal Procedure governs procedural aspects of cybercrime investigations.
Additional Provisions and Regulations
The Communications Act provides provisions for:
- Expedited preservation of stored computer data
- Partial disclosure of traffic data
- Real-time collection of traffic data
The legal basis for search and seizure of stored computer data is set out in the Code of Criminal Procedure.
Role of Specialized Institutions
Specialized institutions, such as:
- Office of Justice
- National Police
- Financial Market Authority
play crucial roles in combating cybercrime. The Data Protection Office advises private individuals and institutions on data protection matters and authorizes video surveillance on public grounds.
International Cooperation
International cooperation is a key aspect of Liechtenstein’s efforts to combat cybercrime. Requests for mutual legal assistance must be submitted in writing and contain specific information, while urgent requests are expedited and may be implemented the same day. The Central Police Services of the National Police serve as the central point of contact for requests on a police-to-police basis.
Liechtenstein authorities apply the national Mutual Legal Assistance Act to requests from States with which no treaty arrangement exists, and the Cybercrime Convention constitutes a superior legal norm in such cases.
Conclusion
In conclusion, cybercrime poses a significant threat to Liechtenstein’s financial institutions and economy. The country’s authorities are working hard to combat this threat through international cooperation, specialized institutions, and legislative measures.