Cybercrime is a relatively new phenomenon. The technical aspect of this crime has distinguished it from the conventional crimes. Therefore, there have been dialogues globally over the challenges posed by cybercrime and the possible means of preventing it. It has been a much talked issue in the last few decades and the discussion continues since the cybercriminals are persistent. The article tries to understand the nature and feature of cybercrime along with its dimensions. There have been attempts to prevent cybercrime in different legal systems of the world. The research makes a comparative analysis regarding the issues of cybercrime which includes the challenges posed by cybercrimes for both the developed and developing countries and the implications of those crimes. The article evaluates both international and national initiatives challenging cybercrime in a globalized world where technology has deleted all the borders between and amongst the states and criminal activities have emerged as a global phenomenon. It is seen that in combating cybercrimes greater responsibility lies upon the business groups and the technologists.