Cybercrime is a bigger risk now than ever. Illegal activities conducted by cyber fraudsters and criminals using electronic means such as computers, mobiles and other network devices are genus of crimes which are transitional in nature compare to traditional crimes. Cyber criminals use a number of methods depending on their skills set and their goals and objectives. The rapid growth in cybercrimes is the main concern for financial institutions in the 21st century and the need to protect the cyberspace is becoming more critical than ever before. The word 'Cyber Crime' covers a range of crimes that are conducted virtually using any source of internet and electronic device. This includes sending or spreading virus programs, hacking and cracking, spam emails, phishing and obtaining unauthorized access to other computers to steal financial information. This research paper deals with the issues of cybercrimes and discusses how cybercrime activities effects the growth of the business sectors especially in the region of Gulf Countries Council (GCC). The data of the research is collected through survey questionnaire from employees of banking sectors and from general public and discussion is formed on how security measures could be further strengthened to improve the level of online banking security as well as the business growth in GCC. The importance of additional security devices to enhance the levels of security of online banking is also discussed. The research findings shows that cybercrime is one of the important issues that should be properly tackled by the banking and financial industry in GCC as the effects of cybercrimes are more than the financial integrity of financial institutions and other organizations. More security measures should be adopted for the purpose of secure online banking environment and also for the growth of business sectors. For the purpose recommendations are made at the end of the research. Further, for appropriate measurements to be implemented, organizations must understand the effects of cybercrimes. Financial organizations must be aware of online threats and must take into consideration all those measures that can help in improving the awareness of individuals in regard of security and to maintain sustainable financial business environment.