Insurance Practice For The Millennium

Author : Nancy P. James
Publisher : Rowman & Littlefield
ISBN 13 : 149308562X
Total Pages : 285 pages
Book Rating : 4.4/5 (93 download)

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Download or read book Year 2000 written by Nancy P. James and published by Rowman & Littlefield. This book was released on 2024-10-15 with total page 285 pages. Available in PDF, EPUB and Kindle. Book excerpt: The new millennium. The Year 2000. Beyond Mayan prophecies, a more immediate danger loomed: Two-digit year date fields had been used by software programmers for decades to conserve expensive computer storage space. As a consequence, legacy systems reading “00” on January 1, 2000 would most probably interpret the date as 1900. Infrastructures critical to civilization—including heat, electricity, water and sanitation—were at risk, all complete unknowns. There was fear of an accidental nuclear arms deployment. There was fear of monetary systems being jeopardized, infrastructure collapse, internet security failures, and interruption of government-provided social programs. Banks experienced massive cash withdrawals while law firms worked overtime to develop novel litigation plans. Insurance enterprises worried. Year 2000: The Inside Story of Y2K Panic shares the untold story of the actors operating on the global stage responsible for managing computer hardware and software for Year 2000 compliance, thus keeping national infrastructures, finance, and commerce functioning. It turned out that the world did not end January 1, 2000. In fact, most people rang in the new year with the perception that nothing happened at all. This positive outcome was not a stroke of luck, nor was it because people overestimated or exaggerated Y2K risk. It was only possible because people across industries, from legal clerks to programmers to President Bill Clinton himself, worked tirelessly to offset disaster. But the Millennium did not pass completely harmlessly: it turns out that the United States, for a brief period, lost all satellite reconnaissance at 7:00 PM EST, December 31, 1999 (midnight GMT 01/01/2000). As a leading consultant and speaker on the challenges of Y2K during the lead-up to the new millennium, author Nancy P. James was directly involved in preparation for Y2K on the local and global stage. Using first-person experience, primary source documents outlining Y2K issues, anxieties, and the actions, influences, opinions, and strategies of those involved, James reveals the untold story of the behind-the-scenes scramble that made Y2K – seemingly – come and go, and offers stark lessons on how the global community can unite to face problems that challenge our world at large. James tells the contemporaneous story of those national and international Y2K actors who at the time did not know the outcome of the Year 2000 computer problem.