by national governments. For instance, the Australian government considers its submarine cable systems to be "vital to the national economy". Accordingly, the Australian Communications and Media Authority (ACMA) has created protection zones that restrict activities that could potentially damage cables linking Australia to the rest of the world. The ACMA also regulates all projects to install new submarine cables. Submarine cables are important to the modern military as well as private enterprise. The US military, for example, uses the submarine cable network for data transfer from conflict zones to command staff in the United States. Interruption of the cable network during intense operations could have direct consequences for the military on the ground. Investment and finances Almost all fibre-optic cables from TAT-8 in 1988 until approximately 1997 were constructed by consortia of operators. For example, TAT-8 counted 35 participants including most major international carriers at the time such as AT&T Corporation. Two privately financed, non-consortium cables were constructed in the late 1990s, which preceded a massive, speculative rush to construct privately financed cables that peaked in more than $22 billion worth of investment between 1999 and 2001. This was followed by the bankruptcy and reorganization of cable operators such as Global Crossing, 360networks, FLAG, Worldcom, and Asia Global Crossing. Tata Communications' Global Network (TGN) is the only wholly owned fiber network circling the planet. Most cables in the 20th century crossed the Atlantic Ocean, to connect the United States and Europe. However, capacity in the Pacific Ocean was much expanded starting in the 1990s. For example, between 1998 and 2003, approximately 70% of undersea fiber-optic cable was laid in the Pacific. This is in part a response to the emerging significance of Asian markets in the global economy. After decades of heavy investment in already developed markets such as the transatlantic and transpacific routes, efforts increased in the 21st century to expand the submarine cable network to serve the developing world. For instance, in July 2009, an underwater fibre-optic cable line plugged East Africa into the broader Internet. The company that provided this new cable was SEACOM, which is 75% owned by East African and South African investors. The project was delayed by a month due to increased piracy along the coast. Investments in cables present a commercial risk because cables cover 6,200 km of ocean floor, cross submarine mountain ranges and rifts. Because of this most companies only purchase