We propose a new privacy notion called $f$-Membership Inference Privacy ($f$-MIP), which explicitly considers the capabilities of realistic adversaries under the membership inference attack threat model. By doing so $f$-MIP offers interpretable privacy guarantees and improved utility (e.g., better classification accuracy). Our novel theoretical analysis of likelihood ratio-based membership inference attacks on noisy stochastic gradient descent (SGD) results in a parametric family of $f$-MIP guarantees that we refer to as $\mu$-Gaussian Membership Inference Privacy ($\mu$-GMIP). Our analysis additionally yields an analytical membership inference attack that offers distinct advantages over previous approaches. First, unlike existing methods, our attack does not require training hundreds of shadow models to approximate the likelihood ratio. Second, our analytical attack enables straightforward auditing of our privacy notion $f$-MIP. Finally, our analysis emphasizes the importance of various factors, such as hyperparameters (e.g., batch size, number of model parameters) and data specific characteristics in controlling an attacker's success in reliably inferring a given point's membership to the training set. We demonstrate the effectiveness of our method on models trained across vision and tabular datasets.
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