A survey conducted by First Monday, an online peer review journal, showed how out of a group of 1,115 first-year university students, only 26 per cent actively updated and monitored their privacy settings on Facebook in the US.
The majority of respondents remained unaware or uninterested about privacy issues on social media networks.
With Gen Y increasingly living in the virtual space, the cyber world is spawning several scandals from cyber snooping and online bullying to hate groups.
Recently, a young boy in Delhi beat up his classmate for "digitally altering" a picture of a booze bash and posting it online. Govindacharya filed a petition in the Delhi High Court against minors opening accounts on Facebook citing that it violated the Indian Majority Act, the Indian Contract Act and the Information and Technology Act.
Findings of the Tata Consultancy Services (TCS) Gen Y survey 2012-13 show that almost 74 per cent of the "post-millennial" generation, or those born after 1996, prefer social media over phone calls, with networks like Facebook being the primary mode of communication with peers for 92 per cent of those surveyed.