I'd also add a third issue to this list: data retention. Too many companies I've dealt with have privacy policies that state something to the tune of "we'll hold onto your data for as long as required" without giving much of an explanation as to how long "as required" is.
Which usually means until the financial incentives to remove the data outweigh the incentives to keep the data. Data is more valuable than database storage costs, thus there is no incentive to remove the data. Policies should therefore be in place to punish unnecesary data retention.