While COVID-19 was not truly a "black swan" event given warnings from experts, many organizations were still unprepared due to human tendencies to focus on immediate threats and underestimate unlikely high-impact risks. Prior pandemics like SARS and Ebola seemed contained to other regions, influencing perceptions that developed countries were safe. However, warnings about the potential for a global pandemic were ignored. Going forward, organizations must better prepare for other foreseeable high-consequence, low-probability events like cyberattacks, pandemics, and climate change through collaboration and transparency.