Final answer:
The correct component of the data minimization principle among the provided options is Terms of data retention. Data minimization ensures only necessary data is collected and retained for the duration necessary and safely disposed of thereafter.
Step-by-step explanation:
The component of the data minimization principle that is mentioned among the options provided is B. Terms of data retention. Data minimization is a key privacy principle that suggests that organizations should only collect, process, and hold onto the minimal amount of data necessary for completing their tasks or providing their services. This includes stipulating very clear terms of data retention, meaning that data should be retained only for as long as it is needed for the purposes for which it was collected, and it should be securely disposed of afterward.