Deloitte argues in a new report released today that society is now dependent on the "cyber domain", but that security has yet to catch up.
Governments need to set uniform standards for security and protection, develop new laws on data privacy and create reliable metrics for internet service providers, the report said.
Mike Maddison, head of security and privacy services at Deloitte, maintained that governments need to take ownership of the problem and drive the solutions.
"It is not just about governments protecting their systems and encouraging the private sector to protect theirs. A joined up cyber security strategy is needed, because the world is so interconnected," he said.
"A large amount of the technology and infrastructure is residing in the private sector, so governments need to take a lead and set a framework for that to be protected."