For already existing viral strains, that's to be expected. I don't know if you've ever had discussions with synthetic biology students but... as Hugh Hixon at Alcor once said to me, "that is the stuff of nightmares, assuming you can even sleep afterwards." Fully-novel genetic constructs, hybridization of various unlike genomes, or even more potentially exotic constructs such as fungal spores that upon contact with human secretions re-express (medusa-like) into something akint o Toxoplasmosis gondii only inducing schizophrenia, hyperaggression, and so on. (Why kill a population with a disease when you can make a nearly-unkillable environmental 'bloom' toxin that passes gene screening, has no observable external symptoms, and causes an entire society to turn into batshit-crazy homocidal axe-killers?)
Human "swine" flu is some scary shit. But compared to what synth-bio could achieve, I'm less worried about it. Especially considering we're already in the range of introducing, say, the biotoxin of the Irukandji to airborne molds. That right there would be capable of killing just about all animal life within the blooming pattern of the organism.
We are quite literally, I believe, less than three or four -- five at the most -- 20-year generations away from synthetic biology students' being capable of creating bioweapons capable of wiping out the human species. If not the entirety of all mammalian life.
I agree that synbio has some very nasty and rapidly emerging capabilities. However, with respect to your last paragraph are you also assuming that defenses don't improve? Fancy biotech enables better detectors and rapid creation of tailored countermeasures (including counter-organisms). Surveillance tech restricts what students can get away with, sterilization and isolation of environments becomes easier, etc.
I'm woefully underinformed on this topic, but this doesn't seem good at all:
I feel as though I ought provide more commentary instead of just an article dump, but I feel more strongly than that that what I have to say would be obvious or stupid or both, so.