Traditional way of software engineering is no longer fully suitable in the changing scenario of modern hardwareand software architecture of parallel and distributed computing on Semantic web and Cloud computing platform. A parallelhardware architecture can support high performance computing but needs changes in programming style. Also the capabilityof Semantic web can link everything on the internet making an interoperable intelligent system. And with this capabilitymany beneficial business models like Web services and Cloud computing platform have been conceptualized. Cloudcomputing is the most anticipated future trend of computing. These changes in hardware and software architecture means weneed to re-visit the traditional software engineering process models meant for a single computer system. This paper firstsurveys the evolution of hardware architecture, newer business models, newer software applications and then analyses theneed for changes in software engineering process models to leverage all the benefits of the newer business models. Thispaper also emphasizes the vulnerability of the web applications and cloud computing platform in terms of risk managementof web applications in general and privacy and security of customer information in shared cloud platform which maythreaten the adoption of the cloud platform.Keywords/Index Terms— Agile Process Model , Cloud Computing Platform, Privacy and Security Issues, RiskManagement, Semantic Web, Software Evolution
