Because organizations hold power in the current data-driven marketplace, they have a responsibility to protect and ensure consumer well-being. Recent technological advancements and the resulting controversies surrounding consumer privacy have precipitated questions regarding responsible and ethical business practices. To survive and to maintain competitive advantage in the long run, it is essential that company executives understand how consumers perceive organizational practices and obligations. In this study, we examine the power–responsibility dynamics surrounding consumer privacy, using the power–responsibility equilibrium (PRE) model. The broader aim is to explore privacy protective responses of consumers based on their level of privacy concerns and of privacy empowerment, as formed by their perceptions regarding corporate privacy responsibility and regulatory protection. We introduce the concept – consumer perceptions of corporate privacy responsibility to understand consumer expectations regarding the use of their data and protection of privacy. We also redefine privacy empowerment and privacy concerns constructs to overcome limitations in the current conceptualization. We expect this study to result in several theoretical implications having traction across several disciplines, including information systems, management, marketing, privacy, and ethics and practical implications to organizations and regulatory bodies.