B-03-15 FINMA Newsletter 15 (2010)

On November 14, 2023, the Control Committee of the Council of States (CdG-E) published its follow-up report on the Confederation's involvement in the implementation of economic sanctions. Following recurrent criticism of Switzerland's policy in this area, which some consider too strict, others too lax, the Management Committees of the Federal Chambers of Parliament (CdG) had already decided in 2016 to commission the Parliamentary Control of Administration (CPA) to evaluate the Confederation's involvement in the application of economic sanctions. The task[...]

How can an insurer object to having to compensate a listed company for damage estimated at nearly a million following a successful cyber attack? On the grounds that the payment would contravene US sanctions, since the cyberattack was allegedly the work of Russian hackers under sanctions. However, the Zurich Handelsgericht and then the Swiss Federal Supreme Court were not convinced by this argument (4A_206/2023). In July 2020, a company listed on the NYSE fell victim to an attack by the[...]