Richard Hackworth, head of IT security at banking giant HSBC told delegates at the Gartner IT Security symposium in a keynote speech that companies in regulated industries need to engage in a constructive manner with regulatory bodies on all issues of IT security.
"We are regulated by over 350 bodies worldwide and it is driving what we do," said Hackworth. "Regulators are taking a more direct interest in IT security issues."
He added that IT risks are becoming increasingly seen as part of operational risks and risk assessment has to be more quantitative, analytical and transparent. Legislation such as Sarbanes-Oxley has made complying with regulations a major and compulsory activity for companies with US listing and Hackworth said similar European legislation could be upon us soon.
He also said that law enforcement agencies need to act in a co-ordinated fashion in order to tackle security threats to infrastructure.
"The private sector needs law enforcement support to be joined up, international and cross jurisdiction," said Hackworth.