The current pace of large data leaks is alarming and unsustainable. Any other industry that would fail so badly would be completely taken over by regulations. The silicon valley is only keeping its independence because until now politicians didn't really grasp the scope of the problem. But now that data leaks involve their own email, I suspect Washington is going to start paying attention.

Yes, regulations do hurt innovation and also competition, it creates large barriers to entry (check how many new banking licenses are issued every years!). But the current state of infosec is just unacceptable. It's like if planes were falling from the sky every day.