How can parents effectively balance digital monitoring and trust in their teenagers' online activities?

In the digital age, teenagers spend a significant portion of their time online, exploring social media, engaging with communities, and accessing information. While this can be beneficial for their development, it also exposes them to numerous risks, such as cyberbullying, inappropriate content, and privacy issues. Parents often face the dilemma of wanting to protect their children without infringing on their privacy or stifling their independence. What strategies can parents employ to ensure they are monitoring their teenagers' online activities appropriately, while also fostering trust and encouraging open communication about internet use?