Issue #2(28) 2021 Opinion

The next ‘unthinkable’ – global disruption from a solar storm

To ensure a robust capability to monitor, nowcast and forecast potentially dangerous solar events, ESA has initiated the assessment of two possible future space weather missions.
To ensure a robust capability to monitor, nowcast and forecast potentially dangerous solar events, ESA has initiated the assessment of two possible future space weather missions.
Calogero Nicosia Nicosia, Luxembourg

Warnings that the world needed to prepare itself for a global pandemic were largely ignored prior to COVID-19. In the same way potential threats from space weather to an increasingly technology-dependent world are still only paid cursory attention, despite the disruption it could cause to daily life on Earth. According to financial risk manager Calogero Nicosia it is a threat that should be taken seriously and not only by those within the space industry.

From my perspective in the risk management industry it seems the potential of extreme space weather to disrupt modern day life on Earth has largely been ignored until now, a scenario not too dissimilar to the unheeded warnings of a global pandemic.

For the asset management industry the worldwide COVID-19 pandemic has shown the importance of having a solid Business Continuity Management (BCM) framework in place.

Back in March 2020 the industry, like countless others, experienced one of the most significant operational shifts ever and in just a few days asset managers had to transition their workforce from offices to homes. At the time of writing (late spring 2021) many are still in this situation.

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