Don't know why you're comment is grayed, we absolutely need heavy monetary penalties for the worst kinds of data breaches. The abstract idea of a class action lawsuit isn't enough, even after the Equifax breach.
It seems like it might create some perverse incentives as the risk escalates.
If not, why do you think harsher punishments are needed here but not for crimes?
That's where we are atm with security breaches.
That's pretty exclusively the purview of white collar crime behind a corporation though.
Street crimes have a far different cause and should be treated differently. I'm surprised I even have to type that, it seems obvious.