The solar wind is out-streaming from the Sun comprised of energy (X-ray, ultraviolet and other types).  Our magnetosphere is responsible for diverting most of this energy around and away from our planet.  CME's are orders of magnitude more energetic than solar flares.  Both CME's and solar flares have disabled satellites and shut down power grids by overloading the power lines and transformers.  Both CMEs and flares expose air travelers to greater doses of radiation. 

The magnetic field will continue to shield our planet for some time into the future.  However like life on our planet it too is undergoing changes.  Most people have heard that the magnetic poles have switched in the past...north becomes south and south becomes north and both have even moved their geological positions.  This is not an immediate process where suddenly the poles are reversed but a process that takes place over time.  The north and south magnetic poles lose intensity (and the decrease is being observed and measured today) while some other areas on the planet have shown creation of magnetic minipoles with varying intensities.  Somewhere at midpoint of this switch the Earth's magnetic field will be at its weakest point allowing more solar wind radiation to make it to Earth's surface.  No one knows the real effect on our civilization by such a switch but a shift in Earth's axis is suspect. Such a change could cause deserts to become vegetated (over time) and vegetated areas to become arid or cold quickly. 

Space Radiation and Space Weather are threats to biologics and electronics. Both affect the magnetosphere and impact only increases going further out from low earth orbit. Under my Biohazards - Climate Change I provide information on the Space Weather Prediction Center (SWPC) that monitors and predicts events that can have impact on satellites down to Earth's surface. The activity tracked by the SWPC can be seen in the auroras.