Yes, say the crime experts. If proper measures are not taken at the right time, then cyber crime can we as bad as or worse that credit crisis.

Kilian of OSCE – Organization for security and Co-operation in Europe, said the estimated damage as a result of cyber crime hovers around $100 billion / year as of now. According to him, these criminals out smart one common person out of 100 or even 10 at times.

There are international criminal organizations that work in close proximity. Computer spying with the help of malware/spyware, money laundering, getting hold of personal information like SSN or credit card details using keyloggers or similar software are some of the damaging activities these organizations are involved in and this happens as a result of no strict regulatory body is watching them.

Internet security is not just a personal issue any more. It’s a national concern. It is said that Russia and China have the ability to spy on some of their competitor nations and damage their computer networks, and nations like United States have openly raised their voice against it.

Cyber crime is transnational in nature. You can’t expect just one nation to come up with a solution. Everyone has to join hands together to get a solution, if not no one will be able to arrive at a solution.

With cyber crime increasing at a healthy rate of 18% – 22% every year, it is time for international organizations to come up with a better regulatory plans.