Please define what you mean by "a right to privacy". If you mean "the right to break the law with impunity" then I'm afraid that I really don't think that you (or I, or anyone else) has such a "right".
My understanding of this law (and please do correct me if I am wrong) is that a person suspected of illegal activities will be sent a letter warning them that they are under suspicion, and pointing out that it is their responsibility to "secure" their internet connection. A second occurence within 6 months will result in a second letter. Finally, a third occurence within a year will result in the potential of internet access being suspended for a period of between a month and a year.
Have I stated the terms of it correctly?