The group -- called ICASI (Industry Consortium for Advancement of Security on the Internet) -- counts Cisco, IBM, Intel, Juniper Networks and Microsoft Corp among its founding members.
There are a lot of of high-profile companies grappling with security response issues missing from that list (Google, Apple, Sun, HP, Mozilla, etc.) but it's likely ICASI will take in new members going forward.
It's not quite clear what exactly ICASI will do to improve security response processes. Here's the PR-speak from the launch press release:
During the last few years, common Internet security threats have evolved from wide-reaching worms and viruses to more sophisticated, stealth attacks that may begin to simultaneously target multiple products or shared protocols in multiple products. ICASI will allow IT vendors to work together to address multi-vendor security threats. The consortium will provide a mechanism for international vendor and customer involvement, and allow for a government-neutral way of resolving significant global, multi-product security incidents.
The organization is organized around four guiding principles:
Here's information on joining ICASI.