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Year in Risk 2023
Our annual review of the year’s most notable risk events highlights top challenges risk professionals addressed in 2023 and some that will shape the risk landscape in 2024.
SEC Cyber Rules Signal New Enforcement Plans
New cyber incident disclosure requirements and legal actions herald a more aggressive SEC.
Cyber Rates and Exclusions Surging
Organizations are facing an increasing gap between affordable cyber coverage and comprehensive protection that may leave them more exposed than expected when an incident occurs.
Fake Job Scams on the Rise
A third of job-seekers have been scammed by fake job postings, a rising fraud risk that not only puts worker data at risk, but also poses a threat to brand reputation and employee recruitment efforts.
Strengthening Your Active Shooter Response Plan
After a crisis at RISKWORLD put RIMS response plans to the test, this behind-the-scenes look offers key lessons for other organizations to strengthen their active shooter emergency planning.
Business Email Compromise Scams To Watch For
Over 90% of organizations have experienced at least one form of business email compromise (BEC), led by these common and emerging variations.
Talent Risks A Top Concern in Coming Decade
While macro risks remain serious threats, three of the top five challenges worrying senior decision-makers are talent risks.
80% of Cyber Policyholders Have Used Their Coverage
Four out of five policyholders have used their cyber insurance coverage, leading to more exclusions and potentially more risk exposure.
Consumers Fed Up with Corporate Data Privacy Practices
Consumers are fed up or “creeped out” by current data privacy practices, and many are ready to stop doing business with companies over use of personal data.
Year in Risk 2022
Our annual review of some of the year’s most notable risk events highlights top challenges risk professionals had to address in 2022 and some that will shape the risk landscape in 2023.
Global Catastrophe Losses 18% Above Average in H1 2022
Global natural disasters caused some $39 billion in insured losses in the first half of 2022, heavily driven by severe convective storms.
Health Care Cyberattacks Increase Mortality Rates
More than 20% of the health care organizations that suffered a cyberattack experienced increased patient mortality rates.
Building Risk Awareness with Cybersecurity Training
Many organizations are incorporating training into their cyberrisk management strategy, but seeing inconsistent results.
Only 20% of Execs See Strategic Value of Risk Management
While ERM adoption is on the rise, not all organizations see the strategic value of risk management.
66% of Employees Are Considering a Job Change—How Do You Keep Them?
In a tough labor market, many companies have been going to extreme lengths to recruit talent and fill job vacancies.
New Employees Make Up 35% of Workers Comp Claims
According to a Travelers report, one-third of injuries occur during a worker’s first year on the job, regardless of age or prior experience.
Ransomware Attacks and Costs Increasing
The vast majority of companies have experienced a ransomware attack in the past year, with more than half paying costly ransoms.
Risk Professionals' Salaries Surged By Over 14% in 2021
Compensation for risk professionals increased, reflecting the value bsuinesses place on risk management.
2022 Cyber Landscape
To help protect their enterprises, report to boards and respond to increased underwriter scrutiny, these are the top cyberrisks risk professionals should prepare for this year.
Building Resilience as Competitive Advantage
Business interruption is the year’s second-most important global business risk, and companies most fear that cyber incidents will threaten business continuity.
Year In Risk 2021
Our annual review of the top risk-related events highlights the challenges risk professionals faced in 2021, and some that will continue into the new year.
Small Businesses Consider Hiring Only Vaccinated Workers
Many American small business owners are moving towards only hiring vaccinated workers.
Remote Workers More Isolated Than Ever
Most employees working remotely reported feeling disconnected from their colleagues and their jobs.
COVID-19 Pandemic Timeline 2021
The most important risk events related to the pandemic in 2021.
Most Companies May Require Vaccines by 2022
Between federal mandates and the Delta variant, most employers are leaning towards requiring their employees to be vaccinated.
P&C Premiums Projected to Double by 2040
Global property and casualty premiums and liability premiums will increase exponentially over the next two decades.
What Are You Doing About Ransomware?
Amid rising ransomware attacks, these are the top questions risk professionals are facing from boards and underwriters, and the information you need to address one of today’s top business threats.
Spurred by Remote Work, Average Data Breach Cost Surges to $4.24 Million
Over the past year, data breach costs have surged to record numbers, and remote work was a driving force behind these rising costs.
Cyber Reinsurance Rates Soar at July Renewals
The soaring rates and constricting coverage in the cyber insurance market appear unlikely to ease for buyers any time soon.
Understanding DE&I As a Core Business Risk
Many organizations have increased their focus on DE&I over the past five years but fewer recognize the lack of a DE&I strategy as a core business risk.
61% of Companies Hit by Ransomware
The majority of organizations suffered more ransomware attacks in 2020, and suffered more downtime than in previous years.
Disaster on Disaster: Unique Challenges for Natural Catastrophe Preparedness in 2021
Armed with lessons learned from the 2020 hurricane season and pandemic response, risk professionals are preparing differently for natural disasters in 2021.
Q&A: How Texas Roadhouse Takes a People-First Approach to Disaster Planning
Patrick Sterling and Matt McMahan sat down with Risk Management to share some of the lessons they have learned over the past year, preparations for natural disasters in 2021, and insight into building a people-first playbook for times of crisis.
Remote Workforce Considerations for Natural Disaster Preparation
Heading into the 2021 hurricane and natural disaster seasons, organizations must reassess their risk profile with regard to remote or hybrid workforces to ensure the safety of both operations and employees.
Virtual Events, Real Advancement
COVID-19 and new technology are fueling a shift to virtual venues, creating easier access and more diverse events. These 14 tips will help you get the most value out of digital conferences and meetings.
Many Managers Are Creating Talent Risks
The pandemic has negatively affected employees' relationships with their bosses.
Ransomware Attackers Turn to Double Extortion
More hackers are using data from ransomware attacks to blackmail victims for more money.
2021 Cyberrisk Landscape
From SolarWinds and the software supply chain to blackmail attacks, from deep fakes to remote workers, these threats and trends will define the cyberrisk landscape in 2021.
Prescription for Disaster
While already battling COVID-19, hospitals and health care facilities suffered a record number of ransomware attacks in 2020, disrupting operations, risking patient care and threatening sensitive medical data.
Commercial Insurance Rates Surge 20%
As losses from the pandemic continue to mount, the already hard market has rapidly grown even harder.
Only 16% of Remote Employees “Thriving”
Working from home during the pandemic is having a negative impact on employees’ mental health.
Fewer Companies Taking Cyberrisk Mitigation Steps
Concerns about cyberattacks have increased during the pandemic, yet fewer companies have taken steps to mitigate cyberrisk.
Cyber Insurance Claims Surge Amid COVID-19
Cyberattacks have increased in both volume and severity since the beginning of the COVID-19 pandemic.
Bridging the Cyber Generation Gap
Younger workers are more willing to admit making a mistake with cybersecurity implications for the company.
Crisis Plans Minimize Cyberattack Disruption
Crisis response planning may be more effective than security tools in protecting against cyberattacks.
Safety Measures to Return to Work After COVID-19
As enterprises prepare to return from COVID-19 shutdowns, leaders are putting together new plans and procedures to do so safely.
Fighting Coronavirus Phishing Scams
These tips can help employees guard against new coronavirus-related phishing attacks.
Unexpected Closures Increase On-Site Property Damage Risks
Commercial facilities sitting idle may face increased risks of physical damage from hazards like fire or inadequate maintenance.
Coronavirus Causes Global Business Upheaval
Amid fallout from the COVID-19 pandemic, these risk and insurance considerations are key.
Insider Threat Costs Surge
The average global cost of insider threats has increased 31% and incident frequency has surged 47%.
A Record Decade for Natural Catastrophe Losses
Last year saw below-average natural catastrophe losses, but marked the close of a record-breaking decade of damages.
2020 Cyberrisk Landscape
From election risks and ransomware to cyber insurance, these key trends will define the cyberrisk landscape this year.
Year in Risk 2019
A look back at the most notable risk events of the past year shows how risk has evolved, and points to some challenges ahead for risk managers.
Enemy of the State: Ransomware Surges Against State and Local Governments
Ransomware attacks against cities present risks—and lessons—for risk professionals in all sectors.
Excellence in Risk Management India 2019
Most risk managers polled in India want to forge stronger ties between risk management and strategic planning.
The Promise and Peril of IoT Technology
Businesses and brokers say IoT will greatly impact the insurance industry in the next five years.
Board Gender Diversity Correlates to Credit Ratings
A Moody’s report found that companies with the most gender-diverse boards have the highest credit ratings.
Notepad: Risk in Review – October 2019
Hurricane Dorian losses, CEOs advocate for gun control, measles eradication status, and more.
Age Discrimination on the Rise
The EEOC has seen a notable increase in charges filed over workplace age discrimination by workers 65 and older.
Going for the Gold: Cyberrisks at the Olympic Games
As the world’s highest-profile sporting event approaches, organizers must prepare for an evolving array of cyberthreats.
New Opioid Lawsuits Hold Executives Liable
In an effort to stem the opioid crisis, prosecutors are taking their fight to the boardroom.
Economic Factors Drive Top Risks
Economic and geopolitical uncertainty marked top risks facing businesses this year, while risk readiness hit a 12-year low.
Notepad: Risk in Review – May 2019
Purdue settles opioid case, floods in the U.S. Midwest, Boeing planes grounded, and more.
The State of Risk Oversight
The <em>2019 State of Risk Oversight</em> study sheds light on the maturity of formal risk management programs.
Business Email Compromise on the Rise
Breach responders saw a 133% increase last year in business email compromise, driving a rise in cyber losses from hacking.
Changing the Game: How Dynamic Risk Strategies Are Elevating Event Security
With advanced technology and more mature risk management strategies, risk and event professionals are improving event security.
Is GDPR Compliance Paying Off?
In its 2019 Data Privacy Benchmark Study, Cisco found a correlation between GDPR preparedness and the frequency and severity of data breaches.
U.S. Slides on Corruption Index
The United States dropped out of the world’s 20 least corrupt countries for the first time since 2011.
Notepad: Risk in Review – March 2019
Spotlight on sex trafficking, a GDPR fine for Google, PG&E’s bankruptcy, and more.
The Top Business Risks for 2019
In its new Risk Map 2019, Control Risks predicted the year’s top business risks.
Global Regulation Landscape: Data Protection in 2018
As threats to data privacy and security proliferate, authorities worldwide have been increasingly active, making it a banner year for data security regulation.
Impact of Climate Disasters Surges
Direct economic losses from climate-related disasters have increased 151% over the past 20 years.
The Cyber Confidence Gap
Cyberrisks are the second-highest concern across all business sizes and industries, surpassed only by medical inflation.
Corporate Leaders Failing to Manage Reputation Risk
Despite the clearly rising stakes of reputation risk, many of the leaders best positioned to monitor and control it are failing to do so.
Hack the Vote 2: Cyberrisks to Election Infrastructure
Since we last covered cyberthreats to U.S. election infrastructure, the risks have become far more real. While much has changed, problems remain.
Reputation Risk and Social Media
A new study offers insights on the direct impact of reputation crises on share prices, particularly since the introduction of social media.
Companies Failing to Reel in Phishing Risks
Organizations admit their teams are not knowledgeable enough to identify and stop email-based threats, and the C-suite only adds to the risk.
D&O Events Drastically Underreported
Despite significant concern over liabilities, directors and officers insurance claims are significantly underreported.
Cryptojacking: How Hackers Steal Resources to Mine Digital Gold
Hackers are increasingly launching attacks that leech computing power and electricity to surreptitiously mine digital currency.
Regulatory Risk Concerns
The increasingly complex and rigorous regulatory landscape presents top challenges for compliance and procurement professionals.
Workplace Deaths on the Rise
A sharp increase in fatal workplace violence contributed to growing numbers of workers killed on the job.
Facebook Scandal Raises Data Privacy Concerns
The Facebook/Cambridge Analytica case offers lessons on the shifting data privacy landscape.
Supply Chain Risk Assessment and Mitigation Gaps
In the face of increasingly complex supply chains, companies largely lack mature processes to monitor and mitigate procurement problems.
Paws and Effect: Assistance Animals Bring Challenge and Opportunity
From service dogs to emotional support pigs, rabbits and ducks, an expanding range of assistance animals are creating new business challenges.
Only Half of Ransomware Payouts Result in Data Recovery
Only half of those who paid ransoms confirmed successfully recovering their data, while the other half saw complete data loss.
Environment, Cyberrisk Top WEF Risk Predictions
The World Economic Forum forecasts the most important global risks for 2018 and beyond.
Reputation Risk Losses Set to Spike?
Stock market conditions may leave companies poised for steep losses resulting from reputation crises in 2018.
2018 Cyberrisk Landscape
Cybersecurity is the most dynamic risk for organizations to manage. Stay ahead of the curve with these 10 key trends that will define the threat landscape.
On the Ground: Risk Management in a Historic Hurricane Season
Risk and insurance professionals who weathered 2017’s historic hurricane season share their first-hand disaster recovery experiences.
Are Corporate Leaders Ignoring Cyberrisk Lessons?
Despite another record year for cybercrime and headline-making cyberattacks, recognition of the risk may be waning among corporate leaders.
Notepad: Risk in Review – November
The Las Vegas massacre, Hurricane Maria’s impact on Puerto Rico, and more.
Cybercrime Costs Businesses $11.7 Million Per Year
The annual costs of cybercrime, number of breaches, and mitigation time to resolve them are all on the rise.
Grid: Locked — Managing the Risks of Hacking the Electric Grid
As more hackers focus on critical infrastructure, risk managers and consumers must prepare for the risks of cyberattacks on the electric grid.
Majority of U.S. Workers Report Hostile Workplaces
Whether to manage the risks of labor shortages or workplace conflict and litigation, businesses may need to take a hard look at their culture.
Notepad: Risk in Review – September
Hackers extort HBO, Kanye West v. Lloyd’s, voting machine flaws exposed, and more.
Cyberbreaches Cost Companies Billions in Long-Term Value
A typical severe cyberbreach results in the permanent loss of 1.8% of a company’s value relative to its competitors.
Ransomware Ready: How to Prepare for the Day You Get Locked Out
As widespread ransomware attacks force organizations to take the threat more seriously, it is critical to develop a clear response strategy.
The High Risk of a Low Cyber IQ
Every organization’s biggest cyberrisk is its employees—and even employees agree.
Notepad: Risk in Review – June
Hacking the French election, a unicorn fight, a reputation crisis at United Airlines and more.
Put Your Money Where Your Risk Is
Despite reporting drastically higher cyber exposure, businesses are spending four times more on insurance to cover property-related risks.
Notepad: Risk in Review - May
North Carolina’s bathroom bill repeal, the Atlantic hurricane season outlook and more.
Fighting Bribery and Corruption
A plurality of risk and compliance professionals believe the top risk to their anti-bribery and corruption program will come from third parties.
Risk Management Priorities
With increasing ERM adoption and risk management visibility, what are the top risk management priorities for 2017?
W-2 Phishing Scam Targets Tax Season
Fraudsters are using business email compromise techniques to steal W-2 information.
Q&A: Bridging the Gaps at PayPal
PayPal’s Laura Langone discusses cyber insurance and the role of education in the buying process.
BYOD Risk Meets IoT Reality
Enterprises struggle to understand just how vulnerable they are to the risks introduced by connected devices in the workplace.
Phishing with Dynamite
In 2016, phishing not only continued to grow as a cyberthreat, but was deployed more strategically to maximize profit for cybercriminals.
The Data Breach Blame Game
Not only do consumers expect businesses to manage online security risks, most said they would not do business with breached firms.
Hacking Cars
Automotive cyberrisk is not just about autonomous vehicles—today’s cars and trucks, like any other internet-connected devices, are vulnerable to being hacked.
The 2017 Cybersecurity Landscape
Experts believe these seven threats may pose the greatest cyberrisks for businesses this year.
The Wage Gap in the Boardroom
While board diversity is rising, minority and female directors are consistently paid less and given fewer opportunities for leadership roles.
Samsung's Vertical Integration Challenges
A massive recall of exploding phones highlights lesser-known and undervalued supply chain risks.
Can Boards Live Up to Expectations?
A majority of directors see a considerable gap between the expectations and reality of the board's ability to oversee a company.
The Rise of Ransomware
Ransomware attacks have quadrupled in 2016, and many industries are seeing a significant uptick in hacking and malware attacks.
EU Firms Complacent on Cyberrisk
While the vast majority of large businesses report suffering a breach, many are notably unprepared—and unconcerned—looking forward.
Hack the Vote: Cyberrisk at the Ballot Box
As Americans prepare for the election in November, many experts worry that hackers could be heading for the voting booth as well.
Buyers Uncertain About Cyber Insurance Payouts
Many companies that have purchased cyber insurance remain unsure whether the policy will payout for social engineering.
Data Deluge: What the Panama Papers Mean for Business
The widespread corruption and third-party data security vulnerabilities revealed in the Panama Papers scandal demand attention now.
Constant Hacking
Nine out of 10 businesses experienced at least one hacking incident in the past year, yet risk managers may be doing less on some critical measures.
Organizations Lack Confidence About Reputation Risk
Most rank their organizations above-average at building reputation, but they appear unequipped to identify and mitigate against the risks.
Ransomware Attacks Pose Growing Threat
Recent ransomware attacks highlight a rapidly expanding cyberrisk vector.
As Regulations Change, Risks Stay the Same
Board members and top-level executives continue to be most concerned about regulatory risk.
Leashing the Risks of Pets in the Workplace
With more companies becoming pet-friendly, employers must develop plans to minimize liability.
Cyber Ignorance Is Not Bliss
More than 40% of executives are either unsure whether their companies have formal cybersecurity protocols in place or do not understand them.
Dia de la Crisis: The Chipotle Outbreaks Highlight Supply Chain Risks
The fallout from outbreaks that sickened hundreds of Chipotle customers illustrates the many risks of supply chain failures.
10 Cyberthreat Predictions for 2016
While cyberrisks constantly evolve, information security experts try to map this year's threat landscape.
The Devil in the Details
Exploiting psychology more than technology, social engineering fraud has become one of the fastest-growing corporate crime threats.
Record Heat Fuels Climate Change Concerns
Amid landmark temperatures, nations look to mitigate the mounting dangers of climate change.
The 2015 Data Breach Toll
According to the Identity Theft Resource Center, 2015 saw 780 data breaches that exposed a total of 177,866,236 records.
6 Tips to Reduce the Risk of Social Engineering Fraud
While it is impossible to eliminate the threat of social engineering fraud, there are several easy—and often inexpensive—ways businesses can reduce the risks.
How the NSA's First CRO is Integrating Risk Management Into National Security
Anne Neuberger, the NSA's first CRO, discusses building an ERM program and the role risk management plays in national security.
Volkswagen Rocked By Emissions Fraud Scandal
As Volkswagen's emissions scandal unfolds, legal, regulatory and reputational damages mount.
The Real Data at Risk
Loss of intellectual property can have catastrophic implications, but many businesses may be overlooking the risk.
Preparing for an Active Shooter Incident
As shootings become more frequent, employers must develop plans to protect their employees.
Insurance By and For Women
Women present both the biggest emerging insurance market and untapped labor force.
The Risks of Mobile Payment Technology
Few experts believe mobile payment technology is secure, but they are still using it.
Developing a Cyberbreach Strategy
The biggest factor in surviving a data breach is how well you prepare.
Regulating Cybersecurity: Talking with FTC Commissioner Terrell McSweeny
The Federal Trade Commission has been increasing its efforts to ensure data privacy.
Implications of the Ashley Madison Hack
The most salacious data breach to date highlights the evolving nature of hacking risk.
The Rise of Malvertising
Attackers are distributing malware through ads on legitimate websites, making even more of the internet "untrustworthy."
Risk Management Education Takes Root on College Campuses
Risk management programs are cropping up on campuses across the country to meet growing industry needs.
Developing a Strategy for Transgender Workers
Employers need to ensure a safe and compliant workplace for transgender employees.
Is the Insurance Industry Improving for Women?
A majority of women in insurance believe the industry is making progress, but it still may lag behind other financial services sectors.
Texas Floods Highlight Urban Vulnerability
Recent storms show how urbanization magnifies the impact of natural catastrophes.
Q&A: Taking a Broader Risk Perspective
FM Global's Bret Ahnell discusses resiliency, risk mitigation and the insurance market.
Tech Assets More Exposed Than Physical Assets
Information technology assets are now often as valuable as property assets, if not more so, but insurance protection lags.
Food Safety Upgrades Stalled by Funding
Critical improvements to food safety regulation have so far been undercut by Congress.
Cybersecurity Reevaluation
Establishing the strongest threat intelligence and breach response program may require a reevaluation of how the business looks at technology staff.
Emergency Planning for Animals
Citizens and regulators alike increasingly demand that emergency plans take animals into account.
Nat Cat Losses Level Off
Global economic losses from natural catastrophes have remained about the same over the past 20 years.
Drones Take Flight
Unmanned aerial vehicles offer insurers the opportunity to enhance the way they do business, while also demanding they come up with new solutions.
Measles in the Workplace
The current measles outbreak has raised questions about employers' obligations and liabilities.
Executives Looking Inward for Greatest Risks in 2015
C-suite executives and board members see some of the biggest challenges now come from within the organization.
Sony Faces Lawsuits After Data Breach
In the wake of an embarrassing cyberattack, Sony employees have filed class actions.
Natural Catastrophe Losses Below Average in 2014
Global natural disasters caused drastically lower economic and insured losses in 2014.
Kidnap and Ransom in the Wake of ISIS
The brutal actions of ISIS terrorists only scratch the surface of today's kidnapping risk.
Lightning Strikes on the Rise?
By 2100, scientists predict lightning strikes in the continental United States will increase by 50%.
Using Cat Bonds for Climate Change Risks
African nations are turning to cat bonds as an alternative way to adapt to climate change.
IT Execs Doubt Their Companies' Data Security
A quarter of security and IT executives worldwide would not trust their own company to store and manage their personal data.
Cybersecurity Planning Up, But Training Lags
Businesses still are not doing enough to prepare for a cybersecurity crisis.
Money Laundering and Terrorism
The Basel AML assessment ranks countries’ money laundering and terrorism financing risk.
Users Not Grasping Social Media Risks
Most customers enjoy a false sense of security when it comes to social media risk.
Feeding an Appetite for Trust
Charlie Arnot of the Center for Food Integrity discusses food safety and consumer trust.
Coming to a Head
Water scarcity has forced American breweries to implement sustainability measures.
In Banks We Trust
Customers increasingly believe that financial institutions do a better job protecting their data than retailers or the government .
World's Deadliest Mine Disasters
Turkey’s recent mine explosion highlights the dangerous history of mining worldwide.
Space: Risk's Final Frontier
As private enterprises look to the stars for new business opportunities, companies and insurers alike must consider how to navigate the risks.
Going Global, Growing Risk
Businesses expect to increase overseas activity but many are unprepared for the additional risks of operating on a global scale.
Data Breach Costs on the Rise
Data breaches cost companies15% more than last year.
Wal-Mart Challenges China on Food Safety
After $10 million in fines, the world’s biggest retailer is taking a stand on food safety regulations in China.
Mining Big Gains from Big Data
The benefits of big data technology for fraud prevention and detection.
Improving Board Efficacy
The value of refreshing the ranks of the board.
Is Recession Damage Permanent?
The recession may have had a lasting impact on the economy.
No Butts About Cigarette Ban for CVS
The pharmacy chain’s decision to stop selling tobacco products may bolster both its reputation and revenue.
Making Cents of Bitcoin
As investors and consumers get involved with bitcoin and put millions of dollars at risk, regulatory oversight becomes a pressing concern.
Hacking Away at the Bottom Line
Target’s data breach highlights the costly risks retailers and card companies face from cybercriminals.
Drug Use on the Job
Drug use on the job.
Injuries in the Public Sector
Workplace injuries in the public sector.
Icing Olympic Hockey Risk
NHL players face challenges as they prepare for the Winter Olympics in Sochi—as do their teams.
Wildfires Burn a Trail for Insurers
Drought conditions and new property development have contributed to a more dangerous wildfire season.
Cosmetics Recall Saves Face
After an embarrassing recall, a thorough company response has helped restore confidence in the brand.
Integrity Risk
Evaluating third party integrity risk.
Economic Impact of Depression
The economic impact of depression.
“Use By” Leaves Food Unused
Misunderstood expiration labels cost the food industry, and consumers, billions of dollars every year.
Gender and Corporate Fraud
The corporate fraud gender gap.
Climate Change Bringing More Severe Wildfires
Wildfire frequency.
The Social Media Balancing Act
Attorney and author Adam Cohen discusses corporate social media risks and the need for a company policy.
Taking Cybersecurity Seriously
As more organizations begin to understand the threats, cybersecurity is becoming a risk management priority.
Reputation Reality
Reputation risk.
Blackouts
Ironically, all the technological advancement in the world is not always enough to keep the lights on.