Criminal liability with a minimum 2 years served for executives and fines amounting to 110% of total global revenue to the company that allowed the breach would see cybersecurity taken a lot more seriously in a hurry

A stolen identity destroys the life of the victim, and there's going to be more than one. They (every single involved CEO) should have all of their assets seized, to be put in a fund that is used to provide free legal support to the victims. Then they should go to a low-security prison and have mandatory community service for the rest of their lives.

They probably can't be redeemed and we should recognise that, but that doesn't mean they can't spend the rest of their life being forced to be useful to society in a constructive way. Any sort of future offense (violence, theft, assault, anything really) should mean we give up on them. Then they should be humanely put down.