> I do not think companies have really demonstrated that they can handle this data responsibly.

Neither have governments. The entire OPM (Office of Personnel Management) background check database was breached and thoroughly compromised for years. And that system is effectively the blackmailer's wet dream. I wrote about that almost 6 years ago here:

https://caseysoftware.com/blog/why-this-security-breach-is-w...

And that was before the NSA had all their best hacking tools stolen..