The advent of Internet is the most important development of the modern day communication system but it has brought a new age of crime, termed as cyber crimes. The paper majorly focuses on the two common types of cyber crimes - Cyber Warfare and Cyber Terrorism, although the concept of the two appears to be similar. The paper, going into insight of the cyber crime by various examples of the affect of cyber crimes, discusses the world’s perspective to combat the threat of cyber crimes which may vary from attempts to shut down online communication networks to use of the internet to attack official institutions. The paper also details ongoing battle against cyber crimes in India and world and discusses the limitations of the present Indian Information Technology Act. The paper concludes that rethinking is needed to work out approach to cyber warfare and cyber terrorism and it is high time to act to secure the strategic digital assets, public and private.