That's right: no legal basis exists now. The proposal is to create such legal basis.
And if "No large undertaking could ever function with such broad exposure to liability" - that would be great, i think we would prefer that such firms doesn't exists.
> that would be great, i think we would prefer that such firms doesn't exists
They stop existing within your jurisdiction. Also, the idea that the public would go along with any of this for this issue is silly. Let's start with crimes that actually cost lives.
"such firms" being any and all IT companies?
They would still exist, just not in any country insane enough to pass a ridiculous law like this.