What is the greatest tail risk stalking global finance today? There is a depressingly long list of options: surging debt, volatile rates, geopolitical conflict and/or cyber failures like the one accidentally unleashed by CrowdStrike and Microsoft. But there is another deserving far more debate: underwater sea cables. Normally, this is a topic submerged from sight, both literally and metaphorically.
More recently Sweden reported sabotage to a data cable and Estonia is in a diplomatic tussle with China around an alleged “accident”. “The era of seabed warfare has arrived in the Euro-Atlantic, and other contested regions may soon follow suit,” James Stavridis, former Nato Supreme Allied Commander Europe, warned this year in a new Policy Exchange report.
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