Although the problem is easy to define, its ramifications are not.
Speculation ranges from the catastrophic to the mundane.
At the other end of the spectrum is the belief that the Y2K bug will result in nothing more than a few random inconveniences like cash registers that cannot accept credit cards expiring in the year 2000 or later. The answer is that no one knows for certain. Because the answer is unknown, and the potential liability so great, we have identified, in broad terms, the following general areas for you to consider in analyzing how your company should react. The first step of dealing with this issue is to realistically assess the risk and impact on your company in the ordinary course of its business. We recommend that a working group be established specifically to consider and address this problem on an ongoing basis.