There is a better way...
There's no need for any more agencies, committees, or bureaucracies. The solution is to do what our company does.
Our IDS/IPS notes the IP address of the attempted hack, enters a rule into the firewall, then looks up the owner in a whois database,and sends an email to their abuse/support line, together with the system log extracts.
It's totally hands-off automatic, and cuts off the hackers' source of zombies. If everyone did this, it would limit each hacker to just one hack attempt.
Last June, we were getting 7000 hack attempts a day from a Turkey-based botnet, which had taken over almost every subnet in Argentina and Brazil. The attack died exponentially, as each compromised server was reported and cleaned up by the ISP.
If anyone wants to do something that actually works, I'm happy to give away the source code of the IDS/IPS for free, together with a dump of our whois database. It's written for Sun, so you'll need to modify the firewall rules if you use IPtables.
If this sounds like it'll work for you, send me an email at xmarks(at)exemail.com.au.