The Indian Ocean Tsunami of 2004 was one of the devastating disasters in the recent past, which changed significantly the global risk reduction approaches. Two major frameworks Hyogo Framework for Action and Sendai Framework for Disaster Risk Reduction have evolved. Sendai Framework is aligned with other global frameworks, like SDGs (Sustainable Development Goals) and Paris Agreement. Over the last 20 years, several mega disasters happened in the Asia Pacific region as well as in the world, causing significant impacts on lives and properties. The GET (governance education and technology) components of disaster risk reduction have also evolved significantly with the incorporation of disaster laws, focusing on localization, incorporation of disaster education in schools and higher education systems, and evolution of new technologies. Several new concepts also emerged over the last 20 years: systemic risk approach, from risk to resilience, ecosystem base resilience, resilient infrastructure, pre-disaster recovery planning, impact-based investment, urban rural collective resilience, all hazards approach, Early warning for all, and enhanced roles of stakeholders. Future risk reduction needs to be more inclusive, and technologies need to be affordable.