This sounds a lot like Hollywood entertainment ratings for movies, music and video games. If the industry (can we call it that yet) doesn't start policing itself with privacy and data protection policies then the government may step in and screw it up. Witness what happened with the credit card industry and PCI compliance. The card associations stepped in quickly after the TJMax fiasco and started the PCI DSS Compliance initiative. That was smart. Governance around online information hasn't been such a big issue with services like AOL and photo sharing sites in the past. But when we all start storing spreadsheets and other more sensitive information in clouds like the logs from our servers and applications it will be a much bigger deal.

Click to read the article this is in response to.