On Friday, May 10, 2024, millions of people worldwide witnessed colorful aurorae in both hemispheres. These

intense aurorae were triggered by one of the strongest geomagnetic storms measured in over 20 years.

The National Oceanic and Atmospheric Administration’s Space Weather Prediction Center has announced that the sun is

approaching “solar maximum,” the peak of its 11-year solar cycle. During solar maximum, geomagnetic storms and solar

flares increase in intensity and frequency until the sun’s magnetic poles shift positions; the entire process takes one to

two years to complete. While the increase in intensity and activity may produce an increase in aurora light phenomena,

radiation displacement from solar flares can also cause temporary disruptions in radio, telecommunications, satellite and

electrical technology.

Our financial institutions rely on an interconnected framework of digital satellite and internet platforms. Even

temporary disruptions to these systems from a significant solar event could be capable of causing destabilization in our

market flows and trading systems, which could further affect ATMs, cyberbanking, transactions and cybersecurity. At the very

least, a temporary disruption in banking could impact the public’s faith in the financial system.

Just the heightened awareness of speculative instability can attract cybercriminals to seek and exploit current

vulnerabilities, increase phishing attacks and be poised and ready to escalate vulnerabilities created by solar weather

events.

Consumers should be proactive and evaluate their current level of cyber security awareness and resilience.

They should create backup systems to protect data and maintain a diversified communication system. If you have

questions about cybersecurity insurance, our agency might be able to help you find

a policy to suit your needs.