The only thing that needs to be tightened maybe is consumer negligence laws that if a company knowingly does not allow reasonable and industry standard security policies they are absolutely liable for any and all problems that occur... including statutory fines of a % of revenue (equitable then)
This is all that needs to be done. Unfortunately, it makes corporations look bad (and punishes them), whereas the type of legislation currently proposed diverts the blame from same corporations (i.e. campaign contributors) and still makes legislators look good.
Nevermind that the current legislation won't solve the problem and will result in collateral damage; at least the corporate sponsors are safe from blame, and the representatives can say to their constituency: "Look, we're doing everything in our cyber-power to cyber-solve this cyber-problem!".
1 a (1) : the state of being united to a person of the opposite sex as husband or wife in a consensual and contractual relationship recognized by law (2) : the state of being united to a person of the same sex in a relationship like that of a traditional marriage b : the mutual relation of married persons : wedlock c : the institution whereby individuals are joined in a marriage
2: an act of marrying or the rite by which the married status is effected; especially : the wedding ceremony and attendant festivities or formalities