> Data breaches hardly ever cause hundreds of deaths in a violent fireball.

Insurance people will be happy to tell you the price of the average citizen's life. Estimate the total cost to the economy, divide by the average citizen's life-value and you have the statistical deaths caused by this type of incident. Draw a fireball next to it for dramatic effect.

But generally, I don't think _every_ SaaS needs to be tightly regulated. But everyone that handles customer data needs to be. It would also very quickly make them stop hovering up any data they can get their fingers on and instead would make them learn how to provide their services securely without even having access to the data, because having that data suddenly becomes a liability instead of an opportunity.