An event that has a very low likelihood of occurrence, but could have extremely serious consequences when it does occur. Events that have previously been thought of as black swan events, such as extreme wildfire or hurricane events, are becoming more common. Examples of black swan events include unforeseen technological issues that may impact recovery objectives. Referred to as an “unknown unknowns.” Adapted from: Lam, J., An Animal Kingdom Of Disruptive Risks. January/February 2019. NACD Directorship.
