There's a crowd here on HN that hates regulation but this is exactly why regulation exists. Massive, wealthy, powerful industries just aren't held accountable by average consumers or markets. There's no serious competitor that benefits if your data isn't safe at Facebook. And average people not only aren't powerful but have their own lives to look after.
Without regulation massive companies are entirely unchecked, there is virtually never market pressure to fix problems like this.
Without regulation massive companies are entirely unchecked, there is virtually never market pressure to fix problems like this.