Oh, the irony...
Perception is everything and social networking sites have a lot to do to build trust in how our data and information is stored. I read recently that 'privacy is dead' and that may well be the case.
Either way, I can't see too many people being prepared to pay to use Facebook or Twitter (at a personal level) so the price we pay is potential lack of privacy. At the end of the day, it's up to us as social networking site users to be careful about the information and data we share.
Consumers share the most information with social networks despite trusting them the least to look after it, according to research