Private Sector Security Regulation

Is there a need for private sector regulations when it comes to Information Security?
In a recent survey, "nCircle 2012 Government Policy Security Trend Study," carried out by nCircle Network Security the results show that the majority of network admins do not think that there is any need for an increase in the minimum level of regulated network security. This is because many of the network admins know that being compliant to a third party policy does not mean their network is secure from potential hackers. Between higher level management and network security admins there is always a struggle for more money to put towards security and to use that money for other parts of the company. This comes at no surprise that in this study 81% of the participants concluded that there was a need for more money to be spent on the network security side of the company to better protect their assets. There will always be a struggle for more security against the higher ups in the company competing to be more "beneficial" to the company.

Article:

http://www.ncircle.com/index.php?s=news_press_2012_09-13-Study-and-Infographic-66-percent-of-IT-Security-Professionals-Dont-Believe-Regulation-Will-Improve-Cyber-Security