The task of regulating the net is made much more difficult by its international nature. These problems have, IMHO, been oversensationalized. Nonetheless the net was not designed for unsupervised children. It was not designed for securing information or ensuring privacy. Hooking your computer up to the net is like running a superhighway to your formerly isolated farmhouse.
Proper attention needs to be paid to security.
Cyberspace doesn't have borders. Governments can make all the laws they want, but those bits don't care. What has built the Net is the cooperative efforts of lots of people who have contributed to the Net and gotten much back in return toward the work they were doing, the issues they were interested in, the recipes they were cooking, etc. Those who have as their aim to make money off the Net have a different set of objectives and purposes in what they do. Many Internet users do not welcome the commercialization of the net.