To understand the notion of perceived privacy, this paper explores and proposes a model of the relationship between privacy and security. Security is measured in terms of the preparedness required to meet a certain level of threat. Privacy is measured in terms of level of exposure at a certain point of threat. With this understanding, perceived privacy is viewed as a proprietor (the person the information is about) perceiving the broker (handler of information) in his/her place with respect to valuing the sensitivity of the information, and taking care when handling this information. Transparency between proprietor and broker leads to trust.