Understanding the Cyber security Regulatory Environment

In 400 words Using your knowledge of existing regulation, regulatory authorities, and awareness of laws (e.g., Sarbanes-Oxley Act, Health Insurance Portability and Accountability Act [HIPAA]), please state whether you agree or disagree with this statement: There is a lack of cyber security regulations or standards for companies to follow. Make sure that you support your opinion. 
Please answer and defend the following question: Are industry self-regulating regimes appropriate, or must government compel action via regulation?