They will need to be insured for that amount then. Can’t afford to insure against that liability? Can’t legally operate.

Agree with this. An insurance requirement would solve this problem. It would also incentivize robust security audits by the insurance companies and the data collectors.

Some people will still get some money. And spinning up a new company still has costs. However, this is precisely why this is the second-best option, after actual jail time for actual CEOs. Then they can fold whatever they want in their prison cells

Can make the board personally liable.

Can't you do this via class action seeking to demonstrate negligence?

At best the fees class action lawyers would charge would change that $1000 into $0.10.

I already pay taxes; why not have the government do their job and protect my digital information and fine the companies and their executives so they learn to care about it. The government allows the corporate barrier to be pierced if employee salaries are not paid.

Personal liability tends to get board members attention.

Stuffed down the memory hole. Before Reagan board members were liable for unpaid non exempt wages. If a company went bankrupt owing hourly workers back wages the bankruptcy court could liquidate the boards assets.