There are two type of lightning effects experienced when a lightning strike occurs:
1) DIRECT EFFECTS: or physical damage, usually include high voltage and current-related damage to structures and other hardware.
2) INDIRECT EFFECTS: are malfunctions, either temporary or permanent, experienced by avionics and electrical systems. These effects arise from voltages and currents induced in the avionics equipment and are similar to, but of higher magnitude than, effects from a nearby strike. Note: Direct and indirect lightning effects often occur simultaneously.
Other Reading on Lightning:
Lightning Direct Effects Handbooks ( March 2002)
Direct Effects of Lightning on Aircraft Structure: Analysis of the Thermal, Electrical and Mechanical Constraints (December 2012)
Direct Effects of Lightning; Requirements and Design Aspects with Billy Martin (YouTube)
Indirect Effects of Lightning; Requirements and Design Aspects (YouTube)
Lightning Strike Protection Strategies for Composite Aircraft (5/1/2013)
Lightning/EMI Environmental Hazards for Commercial Aircraft (11 Oct 2007)
General Aviation Lightning Strike Report and Protection Level Study (Aug 2004)
The Interaction of Lightning with Airborne Vehicles (2003)
A Basic Primer in Lightning Effects and Protection
Aircraft Lightning Protection Handbook (Sept 1989)
Airplanes Get Struck by Lightning More Often Than You Think (Jan 03)
Analysis of Direct Effects of Lightning on Composite Structures of Aircraft (Nov 2007)
Aviation Losses from Lightning Strikes
Environmental ESD, Part II: Thunderstorms and Lightning Discharges
Lightning Effects
AC-136B Advisory Circular (9/7/2011)
Indirect Effects of Lightning Discharges (Nov 2011)
Test Report: Direct and Indirect Lightning Effects on Composite Materials (Aug 2005)
Recent Developments in Techniques to Minimize Lightning Current Arcing Between Fasteners and Composite Structure
Developments in Lightning Test Standards for Aircraft Avionics - Also...See more