Software bug. The results of bugs may be extremely serious. Bugs in the code controlling the Therac-25 radiation therapy machine were directly responsible for some patient deaths in the 1980s. In 1996, the European Space Agency's US$1 billion prototype Ariane 5 rocket had to be destroyed less than a minute after launch, due to a bug in the on-board guidance computer program. In June 1994, a Royal Air Force Chinook crashed into the Mull of Kintyre, killing 29.
This was initially dismissed as pilot error, but an investigation by Computer Weekly uncovered sufficient evidence to convince a House of Lords inquiry that it may have been caused by a software bug in the aircraft's engine control computer.[1] Etymology[edit] Use of the term "bug" to describe inexplicable defects has been a part of engineering jargon for many decades and predates computers and computer software; it may have originally been used in hardware engineering to describe mechanical malfunctions. How bugs get into software[edit] [edit] Japan's Mizuho Bank struggles with system failure. Computer system problems at one of Japan's biggest banks continued on Friday, with Mizuho Bank unable to process salary payments for more than half a million people. The bank also said its Internet banking service and ATMs would be offline over Japan's upcoming three-day weekend. The problems first surfaced late on Monday, when a flood of money transfer orders inundated some branches, the bank said.
That led to problems in the bank's overnight payment processing system and affected services on Tuesday. The system never managed to recover. To continue reading, register here to become an Insider It's FREE to join IDG News Service - Computer system problems at one of Japan's biggest banks continued on Friday, with Mizuho Bank unable to process salary payments for more than half a million people. On Thursday, the bank's nationwide ATM network of more than 5,600 machines was forced offline from 9am until midday, then it failed again in the evening.
Nasdaq CEO on $62 million Facebook payout: This is it. Nasdaq is hopeful that its most recent compensation plan will satisfy the trading firms that incurred losses during Facebook's botched debut May. During the company's earnings conference call with analysts Wednesday, Nasdaq CEO Robert Greifeld said its plan is "definitive" and said there haven't been any negative comments about it since Nasdaq boosted the size of the compensation fund to $62 million last week.
"I would definitely highlight the absence of negative comments with respect to the plan from the members who are directly impacted by it," Greifeld said. While Greifeld was careful not to say that any the four major trading firms -- Knight Capital (KGC), Citadel, Citigroup (C, Fortune 500) and UBS (UBS) -- have given their nod of approval, he did say that Nasdaq has been in discussion with its customers and that the "accommodation plan hopefully reflects some of those conversations.
" Related: The Facebook IPO. Nasdaq fined for Facebook IPO glitch. FMW03010WWEN. Is Knight's $440 million glitch the costliest computer bug ever? - Aug. 9. Knight Capital's computer bug cost the firm $440 million, making it one of history's most expensive software glitches. NEW YORK (CNNMoney) In less than an hour, Knight Capital's computers executed a series of automatic orders that were supposed to be spread out over a period of days.
Millions of shares changed hands. The resulting loss, which was nearly four times the company's 2011 profit, crippled the firm and brought it to the edge of bankruptcy. Knight (KCG) only survived after a group of investors swooped in with a $400 million lifeline. Reversing the errant trades cost almost half a billion dollars. There have been a few epic debacles. In 1999, NASA's Mars Climate Orbiter overshot its target when trying to move into orbit around the red planet. Later that year, the Mars Polar Lander crashed due to a malfunction that caused it to shut down its main engines before it had reached the planet surface. Other space agencies have had their own meltdowns. Top 10 Software Failures Of 2011. This top ten list of 2011 shows that software failures are costing companies and consumers large amounts of money. What is worse is that people are losing jobs and in some cases their liberty because of avoidable software failures.
The worst software failures have damaged reputations, impacted negatively on financials ($) and caused stress to users. The top ten list of 2011 shows that software failures are costing companies and consumers large amounts of money. What is worse is that people are losing jobs and in some cases their liberty because of avoidable software failures. Voted on by consultants, this year’s annual software bugs survey is based on major software failures of the past twelve months, from glitches that generated massive fines in the banking and finance sector to mass recalls of faulty vehicles. The main problem caused by software bugs is negative financial impact and, in almost every case, consumers end up losing out. 1. 2. 3. 4. 5. 8. 9. 10.
Financial firm fined $25M for hiding software glitch that cost investors $217M. An investment fund that hid flaws in a computer application that set the fund's strategy for making trades has agreed to pay a $25 million SEC fine and pay back $217 million in losses suffered by investors because of the problem. AXA Rosenburg Group caught a coding error last April, but the employees who found it tried to keep others from finding out and failed to report it to higher-ups, the company says, according to a story in the Wall Street Journal .
When investors complained that their portfolios were performing badly, the company told them market volatility among other things -- but not including the software flaw -- were to blame, the Securities and Exchange Commission says, according to the Wall Street Journal. The company had been charged with fraud. To continue reading, register here to become an Insider It's FREE to join. What is the difference between software fault and software failure? What is a software failure?