This study is an initial step in a larger study which explores issues associated with security and privacy in social network sites (SNSs). Sites such as Facebook, MySpace, LinkedIn, Bebo, Ning and others have increased in popularity and are receiving increased attention from industry and academics as SNSs move beyond the youth market. Most SNSs are targeted towards individuals, yet they are impacting organizations and will change the way business is conducted in the future. Utilizing a survey of MBA students from two US institutions, this study explores the issue of privacy and proposes a model which addresses the risks, expectations, and reality of social networking privacy. It also outlines an agenda for future research.