Experts suggested that the lure of interesting or useful new technology may overwhelm consumers' skepticism.

"These apps are really useful, and it's natural for us to be drawn to them. But I also think it's natural for us to want to understand and control how our information is being used," said Brauer-Rieke.

But despite growing awareness of the privacy implications of geolocation data, nearly half of all users don't know what is being collected or how it's being shared, ISACA found.

Nor are privacy concerns about location data merely hypothetical.

"It is out there. It is being collected. It is being sold," said Marios Damianides, a former president of ISACA who is now with Ernst & Young.