Cyber world or the virtual parallel world has become an integral part of the authors' existence. The internet boom that one has experienced over the past decade or so has actually changed or 'Destroyed' the old ways of communication. This paper provides an overview of the growing cyber crime problem. The paper attempts to reviews the definitions of cyber crime and the challenges faced. The paper further attempts to answer some major questions: where's the risk? who's been hacked? what could happen? It then analyses the costs of cybercrime. Finally this paper concludes with some suggestions for areas of future research.