This specifically refers to the Y2K problem, which is also known as the Y2K bug, or the millennium bug. In simple terms, the Y2K bug is the inablilty of computer programs to process dates past the year 1999. Computers programmed with a two-digit year may begin to produce errors or, in some cases, may cease to function altogether. The potential impact is that date sensitive calculations would be based on erroneous data or could cause a system failure. It can also affect record keeping such as inventory, maintenance, and file retention.
Reliable information is necessary for financial and other institutions to conduct business.
Inc. All rights reserved.