"Systemic risk, as the world has learned the hard way, may arise as a result of the operation of market forces and is transmitted across geopolitical boundaries. As a consequence, it demands regulatory intervention as well as cooperation between countries. A new paradigm for dealing with systemic risk is needed.
Looming systemic risks include pandemics, which may spread more rapidly across a densely connected world, and bio-terrorism risks, which are likely to become increasingly systemic in the 21st century. The ability to produce biological and other weapons of mass destruction is becoming more widespread, especially among non-state actors, due to technological innovation (not least with the development of DNA synthesizers). Increases in population density, urbanization, and the growth of connectivity, both physically and virtually, means that dangerous recipes and panic can be instantaneously transmitted globally. And climate change, a silent tsunami that crept up on us, presents major systemic environmental, social, and economic risks to humanity."