Rapid growth of data intensive digital services are creating potential risks of violating consumer centric data privacy. Protection of data privacy is becoming one of the key challenges for most of the big data business entities. Due to thank of big data, recommendation and personalization are becoming very popular in digital space. However it is hard to find a well-defined boundary which illustrates privacy threat to consumers' in relation with improving already opted-in communication services. In this paper, we initiated identifying key indicators for consumer configured privacy policy in relation with personalized services taking into consideration that "Privacy is a tool for balancing personalization". We survey user attitudes towards privacy and personalization and discovered key indicators for configuring privacy policy by analyzing survey data about privacy concern and data sharing attitude of the consumers. We found that consumers did not want to stop using social media based communication services due to privacy risks. Moreover, consumers have attitude of sharing their data, provided that appropriate personalization features are in place.