This article is about the privacy and security issues in the emerging collaborative and semantic web. Being a perspective essay – it describes the nature of web2.0, social computing, the evolving semantic web and what it means from a security and privacy of individuals. The major difference between the first generation Web and the third generation web is in the way objects are connected together – as an example, in many social networking sites, we not only advertise about ourselves, but also tell the world who our friends are. In a semantic web, we go one step further – we not only tell who our friends are, but we also describe how we came to know them.