Y2K
Candlefocus EditorThe problem was one that was visible early on and widely discussed, as it could potentially result in the massive failure of many computer systems essential to modern infrastructure such as banking and power. The concern was widely hyped in the media, and many organizations with outdated computer systems scrambled to fix their software by the end of the year, even diverting resources from other projects to do so. Billions of dollars were spent by governments, businesses, and individuals in preparation and avoidance of Y2K disasters, despite few being reported.
In the end, the Y2K issue caused far less disruption than was widely predicted, with few reported malfunctions. This can be attributed to the well-publicized awareness of the issue, which gave programmers and IT professionals plenty of time to prepare and patch the necessary software. Modern systems are also better prepared for the change of the millennium due to the use of four-digit year codes, negating the Y2K issue in newer systems.
While the Y2K scare may have been overblown, it stands as a lesson in how essential it is for computer systems to be updated regularly and how costly delays in doing so can be. Many organizations also gained an appreciation for the need to retain competent IT professionals, which set the stage for the technology boom of the early 2000s. As such, while Y2K was an enormous financial hardship, it had its silver lining in laying the groundwork for a new era of technological innovations.