August 9, 1999
A Closer Look:Y2K Has Wide Range Of Possibilities
By John Foley
For IT and business managers, the question has both professional and personal overtones. Some may decide to spend that Friday night, or the weekend for that matter, close to their business's IT operations to be ready to take action if systems go haywire. Others may stay closer to home with a ready supply of candles, bottled water, canned goods, and cash. Still others may go dining and dancing--with pagers and cell phones clipped to their belts.
How you spend that time is your call. But it's clear that there's a growing level of confidence among business IT managers and IT vendors that they've got the situation under control. The latest evidence? The Federal Financial Institutions Examination Council, a group of bank regulators, says 99% of federally insured financial institutions have received the highest possible year 2000-readiness ratings (see story, Behind The News).
InformationWeek's own research and reporting supports the optimistic outlook. Three months ago, we reported that, while more than 50% of IT professionals surveyed expect "brief computer disruptions," fewer than 10% anticipate serious problems. Many companies are already well along in their contingency planning. Intel CEO Craig Barrett recently told me he thinks Y2K will be a "nonevent" for U.S. companies.
Of course, not everyone is convinced. When I asked a brokerage company representative about Y2K, he handed me a brochure about his company's Y2K readiness--but refused to speculate about what might happen in the stock market. According to a story in the Wall Street Journal last week, some gun dealers are doing brisk business selling arms to people who want to be ready for the worst.
There's a wide range of possibilities between "nonevent" and a stock market crash with armed citizens behind closed curtains. What's your take on it? E-mail me at the address below.
John Foley
here will you be on New Year's Eve? It's an especially interesting question this year as businesses worldwide brace for the highly anticipated turn of the clock that will either go unnoticed by their computer systems--or cause those systems to stumble in confusion as they lose track of time.
Senior Managing Editor
jfoley@cmp.com
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