Liechtenstein Rules Out Paying Hackers Ransom After Data Breach

Two weeks after an unprecedented hacking attack shook the tiny Alpine principality of Liechtenstein and its outsize financial center, officials say they still don’t know who the perpetrators were or what they want. Yet one thing is clear according to its prime minister: the country won’t pay a ransom for the data.

If a ransom demand were to be made, that simply “wouldn’t be an option,” Prime Minister Brigitte Haas said in an interview in Vaduz. The request for ransom is just one of many possibilities being evaluated by officials, she said. The attackers haven’t yet been identified and no demands have arrived.

Late last month hackers penetrated Liechtenstein’s confidential registry of foundations and trusts, accessing data on the names and residencies of the beneficial owners of some 31,000 entities registered in the country.

“As a government, we’re examining various scenarios,” Haas said, referring to possible future developments of the attack. Due to the unprecedented scale and impact of the breach and depending on the scenario, the government may lack the exact legal framework to guide its steps, she said.

In 2025, when hackers attacked Swiss defense contractor Ruag International Holding AG, the government-owned company decided to pay the ransom, a decision which led to an investigation by Swiss officials. The investigation concluded that Ruag had acted within the scope of its corporate responsibility.

Last year Salesforce Inc. became the victim of a large cyberattack targeting client data. Attackers later threatened to publish the data, unless Salesforce agreed to paid them a ransom, a request that the company refused.

Sandwiched between Switzerland and Austria, Liechtenstein is one of Europe’s smallest countries but punches above its weight financially, with some 538 billion Swiss francs ($663 billion) in assets under management at banks and another 117.8 billion in managed funds as of end 2025. The principality also built part of its financial-services industry around foundations and trusts, legal structures that offer foreign clients considerable discretion over the ownership and movement of assets.

While attracting legitimate wealth, that secrecy also drew clients seeking to conceal assets and featured in a past money-laundering and tax-evasion scandals. More recently, accounts registered in Liechtenstein and held by Russian nationals have come under close scrutiny following the invasion of Ukraine. The sanctions applied on Russia ultimately turned these into so-called “zombie accounts,” frozen assets that are now lying untouched in Liechtenstein.

Liechtenstein has worked to move past the image of a haven for shady money and has stepped up efforts over the past decade to comply with international laws and practices. The setting up of the register of beneficial owners in 2021 — the dataset that was hacked — was part of that effort.

“A financial center can only function if it is internationally recognized,” Haas said.

“The main focus for Liechtenstein now lies in safeguarding the stability, security and trust of its financial center, with officials working around the clock to improve systems’ security,” according to Haas.

Financial institutions are reaching out to their customers and reassuring them that “we’re doing everything to continue ensuring the greatest possible security,” Haas said.

Attackers were able to download copies of the beneficiary’s names, birth dates, nationality and place of residence. For clients and authorities alike, the lack of any financial data or even personal addresses and phone numbers inside the registry provided at least some relief.

Meanwhile, government and financial institutions are working side by side to rebuild trust in the financial center, Haas said.

Liechtenstein’s cyber security unit has been in contact with counterparts in neighboring Switzerland following the incident. Bern is also planning to launch its own registry of beneficial owners in October, following increasing international pressure.

While the incident might have spurred some questions about whether the registry should be kept online, it is seen as the best solution to guarantee access to other financial authorities and partners, Haas said.

“That it will be put back online is not in question,” she said.

Photograph: Liechtenstein’s Prime Minister, Brigitte Haas, during an interview at the Government Building in Vaduz, Liechtenstein, on Thursday, August 13, 2026; photo credit: Jana Islinger/Bloomberg

Copyright 2026 Bloomberg.

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