Here in Japan the government cracks down on it hard. There are fines for every n users exposed and in extreme cases a company can be forced to stop trading for a period of days or weeks. Companies are so scared of this happening to them that a significant portion of orientation for new employees is spent on it. I don't have stats on how effective it is, but I do know that the public is less willing to accept it as they tend to elsewhere.
Wow good for them. I wish we took it that seriously in North America.
Is this true? KADOKAWA had a massive hack last year that leaked a large amount of sensitive user data and as far as I know has faced no legal repercussions. Obviously they took a decent financial and reputational hit, but that was just an effect of the hack itself, not any government intervention.