Experts have demanded tough new penalties and greater international police co-operation to tackle cyber crime.
The crackdown is needed to halt the proliferation of child pornography and the growing number of attacks on banking and social networking websites, they say.
Keynote speakers at the opening day of the Australian High Tech Crime Conference in Sydney said cyber crime now generated over $US100 billion ($A126.53 billion) globally a year, making it more profitable than the illegal drug trade.
"Cyber criminals are often one step ahead of law enforcement agencies and take great delight in being so," NSW Attorney General John Hatzistergos told the conference.
University of Technology Sydney (UTS) Professor Michael Fraser said an attack on public or financial computer networks could cause more damage than the September 11 terrorist attacks.
"Cyber crime is attacking individuals, our economy and our culture," he said.
"This is the age of cyber crime and it is increasing.
"The 9/11 attackers used low tech methods on a high tech infrastructure. The consequences of a similar attack on cyber space could be even more widespread.
"At the moment the internet is a free for all, like a wild west town, and people are scared.
"People say the internet should not be regulated or subjected to law enforcement. I disagree, it is naive to take that view," Professor Fraser said.
Tuesday's conference speakers also demanded greater integration of Australian state and federal laws to ensure more cyber criminals are caught and prosecuted.
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