Space weather affects global technological systems and societies. Space weather, or the dynamic conditions on the Sun and in the space environment and their impacts on technological systems, can produce coronal mass ejections, solar energetic particles, and geomagnetic disturbances. These space weather events can cause extreme currents in the electric grid, widespread blackouts, and phone and internet communication failures both in space and within the Earth's atmosphere. Severe space weather can damage satellites used for global positioning, communications, and weather forecasting. It also creates a risk of radiation exposure to astronauts and commercial airline crews and passengers. Accurate forecast knowledge of the space weather threat and timing of events is critical to planning and preparation to minimize socioeconomic impacts. This paper reviews the scope of the space weather threat on the global community today. It describes current international and US public policy initiatives to mitigate risk to infrastructure, public safety, and human life. It examines recent international reports and US federal disaster reduction plans to meet these challenges and provides recommendations to increase public awareness and implement public policies to prepare, prevent, and recover from possible catastrophic failures of commercial and government infrastructures caused by a major space weather event.