The significance of y2k is more than the expenditure

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The significance of Y2K is more than the expenditure amount, it also
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Page 87 Academy of Accounting and Financial Studies Journal, Volume 15, Number 4, 2011 provided opportunities to shift to new computing platforms, implementing new approaches to software applications development and highlighting the relevant role of information technology to the overall enterprise’s business strategy. The post-Y2K era in this study is the 20-month period of December 1999 through July 2001. The 2001 year had been a bust with the dot-com implosion and the downturn of the economy. The pre-Y2K buildup resulted in the post-Y2K bust for many information technology companies. Many companies cut back on information technology expenditures during this era because of the significant expenditures in the preceding era. Despite the bursting of the dot-com bubble, significant advances in information technology advances continued during this era. The importance of critical infrastructure, the need for compliance with security regulations, the importance of business continuations plans, and data mining/warehousing were four major themes that emerged during this time (Terry, Macy, & Abdullat, 2010). This study defines the post-9/11 era as the 20-month period of August 2001 through March 2003. The event of September 11 accentuated the importance and the vulnerability of information technology in the event of catastrophic attack. It necessitated the need to develop plans to identify its critical infrastructure that is required to maintain minimum operation of the economy and government. The security of critical infrastructure became a vital concern. Security of critical infrastructure and other resources went through extensive change to mitigate the risks. Federal regulations tightened security regulations to include many aspects of business processes and functions. Information technology was targeted as the means to meet the security concern. The sense of urgency to meet security demands and concerns by the federal government made it easier to fund many of the new research and development activities by businesses. Moreover, many businesses recognized the value of computer security as a large, emerging market. During this time, the importance of data centers’ redundancy of data and the need for diversity of geographic concentration of information technology resources gained in relevance and significance (Terry, Macy, & Abdullat, 2010). In addition, network infrastructure influenced businesses in a very profound manner that required continued increase in computing power. Barriers that existed between firms for most of the 20th century gave way to accommodate the need for partnership-based opportunities afforded through e-business. The need for interoperability and flexibility increased during this era to exploit new business opportunities. This created a demand for new system architectures to mitigate the shortcomings of grid computing and client server technologies. The continuous decline in the storage cost of
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