Lithuania: War, economy, cyber attacks main risks for financial system

The three biggest risks to Lithuania’s financial system are the consequences of the war in Ukraine, the state of the economy, and cyber attacks, according to the Bank of Lithuania’s survey, ELTA reports. The risk of cyber attacks has increased significantly, the central bank noted. Dovydas Poderys, senior economist at the Bank of Lithuania, said that financial institutions took the risks posed by the war in Ukraine very seriously. Financial institutions reported that the most likely shocks for the financial system in the next six months were a significant slowdown in economic growth, rising interest rates, and a worsening geopolitical situation, Poderys said.