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Technology Stocks : Discuss Year 2000 Issues -- Ignore unavailable to you. Want to Upgrade?

To: flatsville who wrote (6607)	7/16/1999 9:08:00 AM
From: Brennan Wilkie	Respond to of 9818

Y2K fixes open door for electronic heists By M.J. Zuckerman, USA TODAY WASHINGTON - The top Y2K research firm predicts that the largest single heist in history, an electronic theft exceeding $1 billion, will occur as a direct result of the Year 2000 computer glitch. The Gartner Group "would be surprised if there weren't at least one publicly reported electronic theft exceeding $1 billion," says the soon-to-be-released study of more than 1,000 of the firm's clients worldwide. Independent scientists, security professionals and others involved in Y2K research have few quarrels with the Gartner Group's warning. "That's certainly a safe prediction," says computer security expert Donn Parker, author of Fighting Computer Crime. "Fixing Y2K has opened up vulnerable business computer programs to attacks by a larger number of people." The biggest concern, Gartner says, is that employees hired to upgrade systems might have left "trap doors" or other means through which they can clandestinely take control of systems, including those that electronically move $11 trillion a year among financial institutions, corporations, governments and private organizations. "We have basically had to open up every system we have to people we may not know enough about," says Joe Pucciarelli, author of the study. It urges scrutiny of "disgruntled or opportunistic employees." "I have no way of determining that there is going to be a theft of that magnitude. But I think the sentiment is quite correct," says Fred Schneider, professor of computer science at Cornell University. He's one of several scientists and policy analysts concerned that Y2K upgrades, designed to repair systems that could misconstrue dates after Jan. 1, 2000, are introducing new vulnerabilities. Several security firms say they have found "trap doors" in Y2K programming. Some were placed to provide reputable firms an entry for future repairs, but others have been intentionally hidden. "I'm aware of at least three such incidents," says Mike Higgins of the consulting firm Para-Protect Services. "One was in a major information technology company which used a Pakistani company to do (upgrades). The company left a hidden trap door and has since gone out of business." But Mark Graf of Sun Microsystems says he doesn't consider Y2K itself a serious security problem: "If you had such poor security that you didn't take prudent measures before, I don't see how Y2K really makes you any less secure." But Higgins, among others, notes that in many businesses, "normal due diligence is lagging due to the breath of the (Y2K) work" that remains to be completed.

To: flatsville who wrote (6607)	7/16/1999 10:00:00 AM
From: bearcub	Respond to of 9818

flatsville, thank you for posting that article on intertwining systems from the viewpoint of 'failure' analysts. however miniscule the following quote is to the whole of the piece, i DO find it worthy of a few lines of commentary: "The Asian flu erased all doubt that global economies are interlocked." this type of utterance just absolutely astounds me. who in this old world was waiting around to see proof the magnitude of the Asian Contagion perpetrated by the likes of Chinese Devaluation of currency inorder to gain a larger market share of the Asian Export Pie to understand that all global economies are interlocked? this type of 'show me the proof' before a tragedy of epic proportions occurs, (at least it was epic sized to the financially wiped out millions of Asians) is EXACTLY why so many are in denial about y2k. critical logic braincells must be missing in chunks in those demanding such proof prior to preparation. they want to see the devastation after intertwining failures to believe that there was ever a calcuable certainty of that intertwining affecting them, personally. such ignorance is astounding. such proof will indeed be provided, and as the quote above so horrendously understates: "will erase all doubt." too bad it will also erase the technologyguys, the cheeky kids, even my blishfully ignorant grandkids because my anal retentive offspring is still pissed over some 4 year old antic i didn't handle right 3 decades ago and refuses to prepare, simply because the rest of his immediate family is preparing sad sad sad

To: flatsville who wrote (6607)	7/16/1999 10:13:00 AM
From: flatsville	Read Replies (2) \| Respond to of 9818

Richard McCabe, Chief Market Analyst for Merrill Lynch, was just interviewed on CNBC. Stated his concerns that market breadth was not confirming market highs among other "bear" type growlings. This morning's CNBC guest, Chief Market Analyst from Soloman Smith Barney, expects y2k will take 5% off the market (from where?...he couldn't say) after he was asked if y2k was already "priced in." ROTFLMAO A follow up to yesterday: Blabby Abby hedged in her CNBC interview. When the reporter questioned her about asset allocation, (where the rubber meets the road) her answer indicated Goldman Sucks took some heat over last year's bullish August allocation revision in light of the Sept./Oct. drop. She wouldn't say a word about raising or lowering the asset allocation for this August. Hmmm... Not the Blabby Abby I know. If anyone who listened heard something different in either interview please post. Options expiration day can be a very dangerous day. (Within the past few days I've heard summer dolldrums, hedging, low volume, "blow-off"...that's how it starts...low volume, no buying, no conviction...and then the selling starts.)