So, the standards exist but people choose to ignore them. Which, I guess since you're not forced to be a member of either professional society as a "computer person", isn't all that unreasonable. But personal ethics should win out in these situations without someone else having to tell you that it's wrong.
I took a look at the ACM Code of Ethics, and I don't see anything that would be violated by working on PRISM. Specifically:
1.7 Respect the privacy of others.
..
User data observed during the normal duties of system operation and maintenance must be treated with strictest confidentiality, except in cases where it is evidence for the violation of law, organizational regulations, or this Code. In these cases, the nature or contents of that information must be disclosed only to proper authorities.
That specifically allows the kind of work done by PRISM.
2.7 Improve public understanding of computing and its consequences.
Computing professionals have a responsibility to share technical knowledge with the public by encouraging understanding of computing, including the impacts of computer systems and their limitations. This imperative implies an obligation to counter any false views related to computing.
3.1 Articulate social responsibilities of members of an organizational unit and encourage full acceptance of those responsibilities.
Because organizations of all kinds have impacts on the public, they must accept responsibilities to society. Organizational procedures and attitudes oriented toward quality and the welfare of society will reduce harm to members of the public, thereby serving public interest and fulfilling social responsibility. Therefore,organizational leaders must encourage full participation in meeting social responsibilities as well as quality performance.
Or number one on IEEE?
1. to accept responsibility in making decisions consistent with the safety, health, and welfare of the public, and to disclose promptly factors that might endanger the public or the environment;
Given, what's "best for the public" is up for debate (at least according to the people doing the collecting).
ACM Code of Ethics: http://www.acm.org/about/code-of-ethics
So, the standards exist but people choose to ignore them. Which, I guess since you're not forced to be a member of either professional society as a "computer person", isn't all that unreasonable. But personal ethics should win out in these situations without someone else having to tell you that it's wrong.