The advent of the more powerful portable computing devices, high speed networks and cloud computing are all resulting in growing challenges to the cyber security situation. The all pervasive role of internet and computers can be gauged from the glance of a newspaper on any given day, on the lives of the citizens, corporations and governments world over. Commercial enterprises are becoming targets of frauds by insiders, commercial espionage and, intellectual property thefts causing enormous damages to reputations of the companies and, potentially huge financial losses. Finally, the threats of cyber terrorism and, espionage are closer to reality than they were at anytime in the past. Governments and regimes are being held to ransom by the cyber criminals like in Estonia and Georgia. The Wikileaks episode of publishing of the classified diplomatic communications in public domain is a pointer to the things to come in future. Despite the growing challenges, the response to face the challenges of cyber crime are far less concerted and, very few collaborative actions were initiated. During the presentation, an attempt will be made to present some of the collaborative approaches that are being undertaken to face the cyber crimes and, the challenges foreseen in successfully overcoming the growing menace of cyber crimes.