It looks like we’ve reached a tipping point in online and mobile privacy: Regulators are itching to step in — not just in Europe , either—and users want action.

Facebook may be dominating the headlines, but it certainly isn’t the only platform taking a long hard look in the mirror. After all, the data-breach scandal comes hot on the heels of concerns over hate speech on micro-blogging channels, the politicization of fake news and accusations about ideological echo chambers.

There is no doubt that privacy is the game-changer. Good faith has been the watchword in tech. Platforms were essentially saying to users, “Yes, we have your data, but don’t worry: We’ll use it responsibly.” To which users replied, “We don’t understand what goes on behind the scenes data-wise. It’s confusing and boring, but we like your services, so we’ll trust you’re doing the right thing.”

The good faith arrangement has come unstuck. The trust has gone. It’s no longer good enough for tech companies to talk about improving transparency: We have to back that up with concrete steps to win trust back. Businesses that don’t engage with this collective responsibility will pay a hefty price.

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