There are many security technologies companies like Twitter can implement to better protect themselves and their users; that’s not the issue. The problem is economic, and fixing it requires doing two things. One is regulating these companies, and requiring them to spend more money on security. The second is reducing their monopoly power.

The security regulations for banks are complex and detailed. If a low-level banking employee were caught messing around with people’s accounts, or if she mistakenly gave her log-in credentials to someone else, the bank would be severely fined. Depending on the details of the incident, senior banking executives could be held personally liable. The threat of these actions helps keep our money safe. Yes, it costs banks money; sometimes it severely cuts into their profits. But the banks have no choice.

The opposite is true for these tech giants. They get to decide what level of security you have on your accounts, and you have no say in the matter. If you are offered security and privacy options, it’s because they decided you can have them. There is no regulation. There is no accountability. There isn’t even any transparency. Do you know how secure your data is on Facebook, or in Apple’s iCloud, or anywhere? You don’t. No one except those companies do. Yet they’re crucial to the country’s national security. And they’re the rare consumer product or service allowed to operate without significant government oversight.