Summary
The current set of catastrophic circumstances is unprecedented in scope and severity. Ike fortunately was not Katrina, but had considerable impact all the same. The financial crisis has been compared to the Market Crash of 1929 and the subsequent Great Depression. However, back then, markets and institutions were not as linked together as today, nor did they depend on complex interconnected computer systems. This series of events is being handled with plans and procedures that were developed for lesser though serious situations. I hope that they prove adequate for today’s job.
I am sure that there will many lessons learned for maintaining the security, integrity and availability of the systems and facilities needed for the smooth functioning of our financial systems and economy in general. In some regards, the situation could have been much worse. Perhaps we have dodged the bullet – only time will tell. However, this is also an opportunity to learn from our mistakes and build a stronger infrastructure for the future. Let’s hope that we grab this opportunity.
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