What is cyber-squatting?
Cyber-squatting occurs mainly as a result of the simple first-come, first-served nature of registering domain names. It is primarily a pre-emptive registration of the names of trademarks, famous people or organisations by third parties. Usually the registrant has no relationship with the famous people or trademark.
The common aim of cyber-squatters is to auction the domain names or sell directly to the person or organisation at a cost higher than the registration cost. There is also a tendency of not selling the domain names associated with famous people, but rather to keep them to attract business for their sites.