The term “Cyber” is understood as computer and the mathematical analysis of the flow of information. The word “Cyber” comes from the Greek word for navigator originating in kybernété s meaning "helmsman

Cyber law is a term used to describe the legal issues related to use of communications technology, particularly "cyberspace", i.e. the Internet. It is less a distinct field of law in the way that property or contract are, as it is an intersection of many legal fields, including intellectual property, privacy, freedom of expression, and jurisdiction. In essence, cyber law is an attempt to apply laws designed for the physical world to human activity on the Internet.
There is no one exhaustive definition of the term “Cyberlaw”.  Simply speaking, Cyberlaw is a generic term which refers to all the legal and regulatory aspects of Internet and the World Wide Web.

A Law encompasses the rules of conduct:

1. That have been approved by the government, and
2. Which are in force over a certain territory, and
3. Which must be obeyed by all persons on that territory
Violation of these rules could lead to government action such as imprisonment or fine or an order to pay compensation.

Cyber law encompasses laws relating to:

1. Cyber Crimes
2. Electronic and Digital Signatures
3. Intellectual Property
4. Data Protection and Privacy

Need for Cyber law

In today’s techno-savvy environment, the world is becoming more and more digitally sophisticated and so are the crimes. Internet was initially developed as a research and information sharing tool and was in an unregulated manner. As the time passed by it became more transactional with e-business, e-commerce, e-governance and e-procurement etc. All legal issues related to internet crime are dealt with through cyber laws. As the number of internet users is on the rise, the need for cyber laws and their application has also gathered great moment

Key words related to cyber crimes

Cyber Defamation: This occurs when defamation takes place with the help of computers and or the Internet e.g. someone published defamatory matter about someone on a websites or sends e-mail containing defamatory information to all of that person’s friends.

Cyber Pornography: This would include pornographic websites; pornographic magazines produced using computer and the Internet (to down load and transmit pornographic pictures, photos, writings etc.)

Cyber Stalking: Cyber stalking involves following a person’s movements across the Internet by posting messages on the bulletin boards frequented by the victim, entering the chat-rooms frequented by the victim

Data diddling: This kind of an attack involves altering the raw data just before it is processed by a computer and then changing it back after the processing is completed

Denial of Service: This involves flooding computer resources with more requests than it can handle. This causes the resources to crash thereby denying authorized users the service offered by the resources.

E-Mail bombing: Email bombing refers to sending a large amount of e-mails to the victim resulting in the victims’ e-mail account or mail servers.

E-Mail spoofing: A spoofed email is one that appears to originate from one source but actually has been sent from another source. This can also be termed as E-Mail forging

Financial Claims: This would include cheating, credit card frauds, money laundering etc.
Forgery: Counterfeit currency notes, postage and revenue stamps, mark sheets etc., can be forged using sophisticated computers, printers and scanners.

Internet Time Theft: This connotes the usage by unauthorized persons of the
Internet hours paid for by another person.

Logic bombs: These are dependent programs. This implies that these programs are created to do something only when a certain event occurs, e.g. some viruses may be termed logic bombs because they lie dormant all through the year and become active only on a particular date.

Online gambling: There are millions of websites; all hosted on servers abroad, that offer online gambling. In fact, it is believed that many of these websites are actually fronts for money laundering.

“Phishing” is derived from the word “fishing”, and it means luring or enticing an unwary customer of a Banking or Financial Institution to pass on sensitive information pertaining to their account. Scamsters then use this information to siphon off funds or, undertake transactions that are billed to the original customer.

Physically damaging a computer system:
This crime is committed by physically damaging a computer or its peripherals.

Salami attacks: Those attacks are used for the commission of financial crimes. The key here is to make the alteration so insignificant that in a single case it would go completely unnoticed e.g. A bank employee inserts a program into bank’s servers, that deducts a small amount from the account of every customer.

Sale of illegal articles: This would include sale of narcotics, weapons and wildlife etc., by posting information on websites, bulletin boards or simply by using e-mail communications.

Theft of information contained in electronic from: This includes information stored in computer hard disks, removable storage media etc.

Trojan horse: A Trojan as this program is aptly called, is an unauthorized program which functions from inside what seems to be an authorized program, thereby concealing what it is actually doing.

Unauthorized access to computer system or network: This activity is commonly referred to as hacking. The Indian Law has however given a different connotation to the term hacking.

Virus/worm: Viruses are programs that attach themselves to a computer or a file and then circulate themselves to other files and to other computers on a network. They usually affect the data on a computer, either by altering or deleting it. Worms, unlike viruses don not need the host to attach themselves to.

Role of chartered accountants in combating cyber crimes and in the cyber environment

• Technological measures-Public key cryptography, Digital signatures ,Firewalls,
• Cyber investigation- Computer forensics is the process of identifying, preserving, analyzing and presenting digital evidence in a manner that is legally acceptable in courts of law.
• Information systems audit
• Cyber Law Compliance officer
• Initiate training of employees on Cyber Law Compliance
• use authentication procedures suggested in law
• Maintain data retention as suggested under Section 67C
• Identify and initiate safeguard requirements indicated under Sections 69 and 69A, 69B
• Initiate global standards of data privacy on collection, retention, access, deletion etc.

Corporate Insolvency and Restructuring

Just like a person requires treatment to treat his disease, a sick company also requires some form of treatment to overcome its problem of debts. This treatment may be in the form of restructuring of a company.

Restructuring is the corporate management term for the act of reorganizing the legal, ownership, operational, or other structures of a company for the purpose of making it more profitable, or better organized for its present needs. Alternate reasons for restructuring include a change of ownership or ownership structure, demerger, or a response to a crisis or major change in the business such as bankruptcy, repositioning, or buyout. Restructuring may also be described as corporate restructuring, debt restructuring and financial restructuring.
There are a broad range of opportunities that arise from corporate insolvency and financial restructurings.

1. Spotting and evaluating distressed companies for restructuring and rescue planning.
2. Reviewing the various risks involved in restructuring.
3. Developing risk mitigation strategies.
4. Working out a detailed bankable financial structure of the business.
5. Working out a detailed plan for restructuring the business from all angles.
6. Assessment of distressed assets, cash position, due diligence and turnaround feasibility.
7. Advice on optimum utilization of resources.
8. Drafting insolvency petitions.
9. Representation and registration of sick companies with BIFR.
10. Representation before the Debt Recovery Tribunals.
11. Negotiating settlements.
12. Identifying Areas Of Opportunity for the company.
13. Advisory in relation to a merger or acquisition or takeover.
14. Advisory services to management on an ongoing basisume