User location data is often shared with third-party advertising networks. And as a recent New York Times article , it is increasingly shared with law enforcement.

Consumers may have the most to lose when it comes to their location information, but corporations face downsides as well.

Damianides said ISACA undertook its study, of which the survey data was one part, to educate corporations on the legal responsibilities and business risks that personally identifiable user data presents.

The findings show that consumers are continuing to use location-based apps despite their concerns, but Brauer-Rieke noted that they could turn away from them if their concerns aren't addressed.

"I do think there's a business detriment if businesses let this location information mistrust get away from them," he said. "At the end of the day I think it's primarily incumbent on these app developers to really step up and be crystal clear about why they're using location data and how they're using it."