With large solar flares there have been reports of telegraph wires having such large currents induced that the telegraph paper caught on fire from the sparks generated! [1]
Just imagine what these currents would do to modern sensitive electronics... And I suspect that there hasn't been that much thorough testing in consumer-level hardware, although power and communication companies are very aware of the problems and have changed the designs of some systems to handle these events better (as in "let's not melt the power grid quite as bad...")
[1] http://science.nasa.gov/science-news/science-at-nasa/2008/06...