Farhad Manjoo, writing at The New York Times:
If a bank lost everyone’s money, regulators might try to shut down the bank. If an accounting firm kept shoddy books, its licenses to practice accounting could be revoked. (See how Texas pulled Arthur Andersen’s license after the Enron debacle.)
So if a data-storage credit agency loses pretty much everyone’s data, why should it be allowed to store anyone’s data any longer?
Here’s one troubling reason: Because even after one of the gravest breaches in history, no one is really in a position to stop Equifax from continuing to do business as usual. And the problem is bigger than Equifax: We really have no good way, in public policy, to exact some existential punishment on companies that fail to safeguard our data. There will be hacks — and afterward, there will be more.