"If a security utility is created that every one can participate in by sharing costs and information, then every one can benefit."

However, Hydrasight analyst Michael Warrilow disagreed.

Warrilow said every single security vendor is chasing the "holy grail" of compliance and not one has cracked it yet.

He said compliance, as a whole, creates nothing more for a bank or financial institution than an expensive "tick in the box". However, the smarter banks are using compliance legislation as a performance capability, rather than a cost center.

"The road to compliance is the secret sauce that no bank will give away and the banks are cautious about letting any vendor know what they are doing," Warrilow said.