I've recently changed the default BackupDirectory for a SQL Server 2008 R2 instane in the registry from I:\ to K:\ and since then whenever I try to backup or restore using SSMS I'll get an error
Cannot access the specified path or file
when I browse for the path.
It happens to the root and all folders in K:\. If I key in I:\ in the path and browse, there's no such issue. I've replicated the permission on I:\ and later added the service account for SQL and MSSQLSERVER to K:\ with Full Access. I've even tried adding Everyone with Full Access and it still shows the same error. I've googled around and find a lot of similar questions but no working solution for me. I've also tested master.sys.xp_dirtree on K:\ and no error. I've even tried procmon.exe but no indication of what went wrong 
K:\ is the newly created pool in our SAN allocated for backups only. The SQL Server is part of a Windows 2008 R2 Failover Cluster. Both I:\ and K:\ is configured as SQL Server's cluster resources.
Fyi, I login to SSMS using a SQL Server account, since my machine is not part of the domain. But it was never an issue with I:\ to begin with.
EDIT: There's no error if I backup/restore with T-SQL, meaning the read/write permission for SQL Server for K:\ is correct.