In general, large companies have dealt well with the Y2K problem, due to greater resources. Very small businesses may survive using manual processes until Y2K problems are remediated. However, many small- and medium-sized businesses are extremely unprepared for Y2K disruptions. One survey shows that more than 40 percent of 14 million small businesses do not plan to take any action.
The heavily regulated insurance, investment services, and banking industries are furthest ahead in their efforts: health care, oil, education, agriculture, farming, food processing, and the construction industries are lagging behind. The cost to regain lost operational capability for any mission critical failure will range from $20,000 to $3.5 million, with an average of 3 to 15 days necessary to regain lost functions.
Read the committee report's section on the business community's preparations for the year 2000. (Editor's note: the committee's report is in the Portable Document Format (PDF). Click here to obtain an Adobe Acrobat reader to view this file.)