Notice: 

Data collectors (meaning, you or your company) must make clear what they are doing with the personal information from users before gathering it.

Choice:

The companies collecting the data must respect the choices of users on what information to provide and how personal that provided information will be.

Access:

Users should be able to view or contest the accuracy of personal data collected by the company.

Security:

The companies are entirely responsible for the accuracy and security (keeping it properly away from unauthorized eyes and hands) of the collected personal information.

This means that a “Privacy Policy” serves as a way to inform users how their personal information will be used, along with how the information will be collected and who has access to it.