How can parents balance digital monitoring and privacy in their teenager's life?

In the current digital age, parents are often torn between ensuring their teenager's safety online and respecting their privacy. With more young people participating in online activities, from social media to gaming, the potential risks such as cyberbullying and exposure to inappropriate content grow. Parents naturally feel the need to monitor these interactions to protect their children. However, over-monitoring can lead to trust issues and hinder a teenager's development of independence and responsibility. How can parents find the right balance that ensures safety while still nurturing trust and respect for their teen's privacy? What strategies can be employed to create a healthy boundary in an age dominated by digital interactions?