Disaster recovery, system redundancy and everything associated with business continuity at first reminds me of all the experts who urged companies to spend money to make sure their systems were Y2K-compliant. In a way, you could call it the Chicken Little syndrome.I am not an IT expert, so I can't say for certain that the billions that companies spent on Y2K remediation was a big waste of time, effort and money. But I've spoken to a number of experts who do profess that the hype surrounding Y2K-hype that was fanned by IT consultants and vendors-did result in much unnecessary spending to fix a problem that may or may not have caused widespread system failure.

However, many IT experts will say that the money spent on Y2K remediation was not a waste-that companies were able to locate and repair countless problems with their systems. In layman's terms, I guess the analogy of Y2K remediation is having a mechanic give your car's engine a tune-up or major overhaul.

Register or login for access to this item and much more

All Digital Insurance content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access