With the emergence of online social networking sites, the rules of social interaction and communication has been changed. Most of the social networking sites motivate users to share personal information, build new relationships and increase knowledge with a perceived ease of use. But this online interaction and sharing of personal information on online sites have raised many new privacy concerns as it provide huge amount of data to third party which can be misused by malicious activities against the user‘s will. This research aims to develop an understanding of individual‘s risk taking behavior online particularly around the issue of information disclosure and to study the factors influencing the site use behavior. Human behavior concern has crucial role in development of social networking sites. Using an online questionnaire, survey data has been collected from social networking site users of different age groups and gender. It has been statistically shown that although the privacy concerns of respondents are significant but their attitude towards the risks of information disclosure is still very relaxed. People are still not aware about the actual cyber risks and therefore still happy to disregard protective advice and have risk taking behavior. Further some actual flaws and changes that user‘s wishes to see in online social networking sites are mentioned which are also collected from the actual online interaction with the users.