With the advent of a XXI century technological breakthrough, people seem to have another bunch of ethical issues to face. On the one hand, the significance of progress cannot be denied, and the invention of Web 2.0 is not to be underrated. Looking back at the times when there was no Internet, one can hardly believe that life without virtual reality could actually exist. With all the advantages that the Internet has brought, including social networking, the ability to keep in touch with literally any person in any spot of the world and the new opportunities for boosting business relationships, Internet truly is an invention of the century. However, with all the positive aspects that the IT sphere has to offer, online services in general and specific sites in particular have a number of drawbacks when it comes to online privacy. Because of the necessity to offer personal information in certain online sites, whether these are entertainment sites or the sites offering specific services, an individual’s rights for privacy can easily be infringed, which creates a number of ethical dilemmas and can even redefine the entire process of online communication. Speaking of the online privacy, there are several issues that demand a thorough discussion. To explain the controversy of a number of Internet services, one must mention that, while offering a number of peculiar features like free communication, online games, career-boosting opportunities, etc., online services demand a lot of personal information and sometimes even take it without the user’s consent and even awareness. While the results of the above-mentioned information leakage are usually far from being drastic and are, in fact, even hardly noticeable, the threat is considerable and quite consistent, which means that the issue of information privacy must be revisited once again. One of the greatest inventions of the Internet era, social networking deserves special attention. Modern social media is a perfect specimen of what is wrong and at the same time irresistible about the Internet. While social networking allows to keep in touch with people all over the world, it still demands that people should fill in their personal data, including their address, phone number, etc. Hence, the threat of having one’s IP or email hijacked, and even certain elements of personal information stolen and used for the wrong purpose, increases: Reinforcing the respondents’ desire for privacy was confirmed by the fact that 97.1% of them indicated that their personal social networking pages were password protected. Ironically though, only 82.7% of those responding knew that regardless of password usage a web site can view their personal information and use it in accordance with its privacy policy. Furthermore, only 19.9% of respondents said that they read the privacy policy of social networking sites they visit. (McGrath, 2011, 23-24) In fact, the insecurity within social network affects even the business in which the employees involved in a certain social network work. Moreover, social network becomes the battlefield for several enterprises to compete in their attempt to attract as many qualified employees as possible. According to the research conducted on security in social networking, Blo