Space Weather and Financial Systems: Findings and Outlook. An event co-organised by the European Commission’s Joint Research Centre, the UK Civil Contingencies Secretariat and the NOAA Space Weather Prediction Centre 27 June, 2014, London, UK
Space weather can affect both ground-based and space-borne infrastructures, potentially resulting in failures or service disruptions across the globe and causing damage to equipment and systems. With society having become increasingly reliant on the services these infrastructures provide, a more thorough analysis of the risk due to extreme space weather is warranted. Most studies on the impact of space weather on infrastructures focus on the high-voltage power grid, aviation and communication. A less well-known area of potential vulnerability is the impact of space weather on the financial services sector. Elements of this sector’s operations depend on accurate timing, a service which is increasingly provided by space based – and therefore space weather prone - technologies. The Global Navigation Satellite Systems (GNSS), for example, is commonly used for deriving time stamps for financial transactions. In order to address this topic, the Joint Research Centre of the European Commission, the UK Civil Contingencies Secretariat, and the US National Oceanic and Atmospheric Administration jointly organised the “Space weather and financial services” workshop in London on 27 June 2014. The half-day workshop was attended by 50 representatives of the financial service industry, insurance, European and US government agencies, regulators, academia and the European Commission. The objectives of the workshop were to discuss the potential impact of extreme space weather on financial services, in particular through the effect on timing systems of a loss of GNSS services, and to raise the awareness of this risk in the sector. This report presents the findings of this workshop.JRC.G.5-Security technology assessmen
