Minister for Justice Michael McDowell has given cash-in-transit companies a 120-day ultimatum to adopt a voluntary code of practice to raise standards or he will introduce a statutory licensing scheme.
"It's a road I don't want to go down, but one way or another by the end of the summer the Private Security Authority (PSA) has to be able to apply proper standards to the sector," said Mr McDowell.
He was speaking after a crisis meeting attended by Garda Commissioner Noel Conroy, private security representatives and their largest customers - primarily the main banks.
The talks at the Department of Justice were called after it emerged that the two-man crew of the security van involved in yesterday's robbery made an unscheduled stop to buy takeaway coffee at a petrol station before meeting their Garda and Army escort.
Mr McDowell rejected any suggestion that there had been a dereliction of duty by the Gardai and that the company involved, Brinks Allied, had not informed them of the large sum being transported.
"It was agreed by all at the meeting that there was no question whatsoever of the Garda Siochana being absent when expected or deficient in yesterday's events," said Mr McDowell.
He said there was "huge scope for improvement" in the way that the cash-in-transit companies operate.
Amongst the measures he wants to see introduced as part of any new code of practice are inaccessible cash boxes that staff have no access to and which self-destruct when tampered with, GPS tracking systems and alarms on all security vans, and CCTV cameras to be installed in and around all bank branches.
He also said procedures needed to be put in place so that large shipments of cash could be flagged to the Garda. "I have also warned the banks that this is not a case where competition will be allowed drive standards down to the floor," said Mr McDowell.
"The banks have to be aware there is a cost involved and they and other customers of the security companies have to bear that full cost," he added.
The annual bill for Garda and Army escorts of cash-in-transit is €9 million, with the banks contributing €3 million, but Mr McDowell warned the banks that they can expect to make up the shortfall under the provisions of the new Garda Bill.