Legislation seems like a poor solution to the current market conditions. We should be open to the possibility that not all information is worth protecting and that we need better way of authenticating people than easily discovered life events or facts. New laws won’t make consumers care and could hurt startups while benefiting large companies who can afford to deal with the legislation.

Increased fraud is already causing pain for those that have the resources to do something about it (banks/payments processors). The cost of fraud was enough that payment processors used it to incentivize deployment of chip & pin solutions. Consumer reluctance to experience any friction has doomed most other attempts at implementing changes.