And, it is easy to see when there are nefarious hackers who are going to be using that information to drain bank accounts and order porn online.
In my country, Nigeria, internet fraud has become a lifestyle as it presents as a get-rich-quick scheme. Lots of people, countless and still counting have watched their money 'disappear'from their accounts to untraceable location with the sad part being that there's next to nothing they can do about it because where I come from, almost nothing works.
If things would get worse as you have rightly predicted due to the faults in a centralized data system, then, I wouldn't know what to say.