You know that there are other industries that have heavy regulatory fines like this, right? The existence of a software culture where a single rogue employee can easily destroy the privacy of hundreds of millions of people is
itself a huge part of the security problem. If there were actual consequences for this kind of thing there would be a lot of changes to software development practices. I'm not saying that culture alone will make code perfectly secure, but I do think
caring about the code being secure (in the sense that the company will face deep financial and legal trouble if it isn't) is a necessary prerequisite. Arguably, it's the
only thing that works.
You may argue that you can't just buy absence of security bugs with money and a different culture, but there are plenty of formal verification tools out there, and they are not all toys. True, verified code is expensive compared to writing "normal" software, which is developed using the same best practices" that lead to a data breach being announced seemingly every other day. But it is quite cost-competitive with "high assurance" software (i.e. software developed when people face real consequences for the existence of bugs) and the techniques have been used to secure a number of nontrivial real systems by now. I have absolutely no doubt (as someone who's in the field) that we would see a huge boost to the state of the art in that field if there were actual money in it, especially considering how much of the current difficulty with using formal verification comes down to the lack of user-friendly tooling.
But, to reiterate, my larger argument isn't really about formal verification; I'm mostly bringing it up to refute the argument that the existence of bugs is something totally outside of any company's control. Ultimately companies are currently choosing not to pay to make their code secure, and it's not hard to see why given the current legal climate of "there are no consequences whatsoever." Ideally, the first step towards fixing this would be for the software development community at large to acknowledge that it is, actually, a choice, but frankly I don't see things happening that way. If a move towards not just safer, but genuinely bug-free (or at least, bug-free outside of hitherto undiscovered exotic side channels) software is going to happen at all, it'll be because a large government drags its country's unwilling programmers and CEOs in that direction.