The globalisation and increasing complexity of modern cyber security operations have made it virtually impossible for any organisation to properly manage cyber threats and cyber incidents without leveraging various collaboration instruments with different partners and allies. This is especially relevant in certain areas of national security, like the protection of critical infrastructures, where the partnership amongst public and private sectors is paramount to adequately protect those infrastructures from emerging threats. Over the last years consensus has emerged that sharing information about threats, actors, tactics and other cyber security information will play a central role in deploying an effective cooperative cyber defence. Near real-time information sharing has recently gained momentum as a means to redress the imbalance between defenders and attackers. In practical terms, the majority of current efforts in this area revolve around the idea of developing infrastructures and mechanisms that facilitate information sharing, notably through standardization of data formats and exchange protocols. While developing and deploying such an infrastructure is certainly essential to solve the problem of "how" to effectively share information, we believe that some key aspects still remain unaddressed, namely those related to deciding on "what" to share, "with whom", "when", as well as reasoning about the repercussions of sharing sensitive data. In this paper, we argue that effective policies for near real-time information sharing must rely on, at least, two pillars. First, formal models to estimate the subjective value of the information shared should be developed. Second, trust/reputation models that consider the dynamic behaviour and changing factors of the sharing community have to be identified. For the latter, we propose to model information sharing communities as directed graphs, with nodes representing community members and edges modelling sharing relationships among them. Relevant properties of both nodes and edges are captured through attributes attached to each of them, which subsequently facilitate reasoning about particular data exchanges.