You do realize the limited liability corporation was a key innovation that unlocked the Industrial Revolution, right?
Companies definitely respond to fines or liability. They just need to be big enough.
For example, I recently heard an interview from an environmentalist who expected to be outraged touring a Chevron drilling location but was surprised by how much precaution is taken these days. Basically, liability for oil spills is massive. We could just make data leak liability massive too.
That works for Chevron because they have enormous assets to lose.
In the ID company case, there simply aren't enormous assets available, despite enormous damage being possible. As such, we really need to re-think just how much we limit liability.
Perhaps it's time to stop allowing degenerate gamblers to freeroll their risks... perhaps it's time to start zeroing out investors, so that they have to start behaving responsibly.
Companies definitely respond to fines or liability. They just need to be big enough.
For example, I recently heard an interview from an environmentalist who expected to be outraged touring a Chevron drilling location but was surprised by how much precaution is taken these days. Basically, liability for oil spills is massive. We could just make data leak liability massive too.