In this case, I’ll leave the expected duty of care to your imagination, but I’ll point out that we’re talking about a publicly-traded multinational corporation with many millions of users including governments and world leaders.
Which works on average.
In many types of businesses the cost of a security breach is "priced in" or not considered at all and they are gambling on it happening to their competitors (or not at all) instead of to them.
Look, if you want to pass a law saying all internet business having X personal data needs to prove Y security, then I'd probably be for it (depending on X and Y). We already have PCI-DSS and similar today for payment providers. I'm just saying that there is nothing like that today, and if there was we'd have a lot more irresponsible people in prison.
But, a bank, which is a privately owned entity. I think yes. If I own a bank and have bad security practices, and a breach impacts only my customers. I think the customers have the right to sue the bank but its up to me to decide what security I use, and if its not good the customers are free to choose to do business with another bank. But I don't think the govt should decide what level of security is sufficient?
Think of it this way, does this imply if my house is robbed I could be held liable because I chose to use locks on my house that were non compliant to govt regulation?
In that sense they are not very different from nuclear power plants. Indian Point is owned by Entergy and it gets the money when everything works fine, but the risks are covered by the government through Price-Anderson Nuclear Industries Indemnity Act.
If your house is robbed, it's your problem. But if you store personally identifiable information for everyone and it gets stolen, now it's everyone's problem.