Why am I not surprised that the comment saying no need for government intervention is the one comment that's downvoted?
While I typically believe smaller government is the answer, I would personally welcome a regulatory framework that gives me confidence in both my own organization and every other one as well.
It wouldn't ruin my business, it'd just be another line item in my budget.
We just need to start holding all organizations, and specifically their leaders, personally liable for security incidents.
Once people's freedoms are at stake, everyone fall in line so quickly that we will all be amazed.