Companies offering services based on connected devices will increasingly have access to significant amounts of highly granular data about consumers and their connected devices. This trend is heightening privacy-related concerns about the way that such data might be used and the potential for consumers to be harmed. Policy makers and business organizations that have an interest in the long-term viability of the IoT market also need to ensure that consumers are not ruthlessly exploited under apparently beneficial situations. Through this perspective, concepts of trust and stewardship related to the use of private data can be developed into new and appealing value propositions.