Abstract: The cyberspace  driven  by information  systems  and the  Internet  is  transforming  our  environment  in extraordinary  ways  by  enabling  economic  growth  and  providing  new  means  by  which  people  connect,  interact and collaborate with one another. The continuous evolution of components of information and communications technology  (ICT);  advances  in the underlying digital  components  (core  electronics)and  the  corresponding reduction  in  costs suggest  that  the Internet is increasingly becoming more  readily  available  and  accessible worldwide.  The  outcome  is  that  more  and  more  people  around  the globe  will  ultimately  rely  on the effective functioning of  the  Internet to survive and  prosper. This  suggests  an  unremitting upsurge  of the population  of cyber citizens globally.Most countries no longer take these emerging trends in the virtual world casually. Aside the  evolution of  digital  economy  driven  by the extensive  use  of  information  space  or  digital  knowledge, most countries are working hard to dominate the information space. As the industrial revolution bifurcated the world, so also is the level of exploitation of the vast opportunities on cyberspace bifurcating nation states. This is simply due  to  the  fact that traditional  activities  of  all  sorts  are increasingly shifting  to  this  new domain.Certainly, cyberspace  has  become  a  new focal  point for  innovations,  enterprises,  social  networking,  criminality and warfare.These  factors  are  reshaping  and  redefining  a  new  world.  Most  countries  that  have  recognized cyberspace as the fifth domain, have,equally elevated their perception of the domain as an abstract virtual space to  a  more  concrete  space with‘physical boundaries’. This  paper  explores  the  different  levels  at  which cyberspace is bringing benefits and risks to mankind, and the factors responsible for the widening gap between ‘developed’ and ‘developing’ nations.

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