Time for a tsar of 'grey swans'

In an increasingly complex world, crisis management is not good enough to deal with major systemic threats such as Covid-19 financial crises or cyber attacks.

"Grey swans" represent a different kind of threat that requires an entirely new way of managing risk. PHOTO: REUTERS
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FINANCIAL TIMES - Everyone knows about "black swans" - extreme, one-off events that are impossible to predict. Think of the assassination of Archduke Franz Ferdinand triggering the first world war or the 1987 stock market crash, which set a record for one-day price slides. But what about the risks that are all around us, hiding in plain sight?

Was anyone really surprised by the Colonial pipeline ransomware attacks? Or the PG&E grid failure? Or Hurricane Katrina, the 2008 great financial crisis, the Fukushima nuclear disaster or the Covid-19 pandemic?

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