Cyberspace continues to become increasingly integral to our way of life. It has brought with it many benefits but has recently become a domain used for misdeed, as was evident from the recent WannaCry ransomware, the Stuxnet virus issue, and the much-publicized US 2016 Election hacking. These incidents have caused the issue of cyberspace to be on the international agenda, but there is a lack of consensus among the various nations on how cyberspace should be regulated. The article analyzes the legal status of cyberspace by first embarking on a discussion on what is cyberspace, followed by a discussion on recent notable cyberattacks. It is against this backdrop that: (1) the legal status of cyberspace in domestic law is analyzed; (2) the application of the existing rules of international law to cyberspace are considered; (3) the problems with the Budapest Convention on Cybercrime are discussed; and (4) proposals for a new Convention on cybersecurity at the UN level in light of the Tallinn Manual, and the Budapest Convention of Cybercrime are made.