The 2008 financial crisis, triggered by the collapse of the U.S. subprime mortgage market, revealed deep vulnerabilities in the global financial system. Rooted in financial deregulation, aggressive lending practices, and the subsequent housing market bubble, the crisis quickly spread across borders due to the interconnectedness of international financial institutions and markets. Today, despite regulatory reforms, the risks of financial contagion persist, heightened by advancements in financial technology, faster capital flows, and increasingly complex global financial networks. To mitigate future crises, a global approach to systemic risk management is crucial, with stronger financial transparency, coordinated international regulations, and mechanisms to manage cross-border capital shocks.