This is key. Currently, there appears to be no business downside to collecting PII, so companies collect as much as they possibly can. If, through regulation or some other means, data became a liability (or at least came with some downside risk) then perhaps companies would become more thoughtful about what they tried to collect and store.
GDPR forces us to justify and be transparent about each data point we collect.
This has increased the urgency of cleaning up any non required data points, adding expiration to data and moving data from subcontractors in house.
Guess that a lot of companies are in our position.
Guess it will be harder to enforce when a company does not have an EU sub though.
We need to move toward a recognition that collecting PII is inherently dangerous. Holding on to PII forever is inherently dangerous. And that's before the not insubstantial privacy risks these databases incur. I worry that any policy that solely concentrates on breaches is just going to lead companies to gamble that they won't be in the relatively small minority of companies that actually get hacked.
What can we do to incentivize a CTO not to have a customer database, or failing that to keep her company's database as minimalist as possible, even if she is 100% certain that database will never be stolen?