  We study cascading failures in networks using a dynamical flow model based on
simple conservation and distribution laws to investigate the impact of
transient dynamics caused by the rebalancing of loads after an initial network
failure (triggering event). It is found that considering the flow dynamics may
imply reduced network robustness compared to previous static overload failure
models. This is due to the transient oscillations or overshooting in the loads,
when the flow dynamics adjusts to the new (remaining) network structure. We
obtain {\em upper} and {\em lower} limits to network robustness, and it is
shown that {\it two} time scales $\tau$ and $\tau_0$, defined by the network
dynamics, are important to consider prior to accurately addressing network
robustness or vulnerability. The robustness of networks showing cascading
failures is generally determined by a complex interplay between the network
topology and flow dynamics, where the ratio $\chi=\tau/\tau_0$ determines the
relative role of the two of them.
