Fines? It would do more damage than good(if there's any good that is). One of the best things about the information age is the ability for anyone to take part in it. You could be selling glow sticks to a guy a thousand miles away from you.
If there were fines, it would scare away people with less technical skills who would want to start something new.
What we must do is introduce certifications, this would help make companies more security aware, but wont make it mandatory.
If you're an inexperienced startup then perhaps you shouldn't be taking risks with my data.
If I bought glowsticks at the mall and they injured me when I used them I would expect consumer protection laws to issue fines to make selling them too risky a venture, why shouldn't I be protected by a similar mechanism for injury caused by leaky data?
omg, stop being such babies. You can't run a startup without risk, I am sure you have been around the startup world to notice how much risk these startups take in order to be successful, as a society we should encourage people to take more risks, and help them, not become a barrier to their success.
If there were fines, it would scare away people with less technical skills who would want to start something new.
What we must do is introduce certifications, this would help make companies more security aware, but wont make it mandatory.