The organisation will attempt to bring order to the various existing certification schemes, and set new standards for training.
The Institute for Information Security Professionals aims to improve staff training and development, agree best practices and form a blueprint for standards within the industry.
Professor Fred Piper, who has now officially retired from his work at the Royal Holloway University, chairs the group, which is currently looking for funding to support its development.
Piper will be working with, among others, Paul Dorey, chief information security officer at BP, David Lacey, director of information security at Royal Mail, and Nick Coleman, chairman of IT security group Saint.
"There's a concern about a lack of focal point [within the industry]," said Piper. "People want to know who are the cowboys and who are not. We've achieved half our aims already, generating a lot of positive feedback, but now we have to discuss the exact future of our plans."
The institute has already been given the backing of the Department of Trade and Industry (DTI) and will be looking for further funding once official plans have been finalised in May.