1. A computer implemented method for determining a privacy-utility trade off, the method comprising: quantifying privacy content of a private data associated with a user based on uniqueness of information in the private data, wherein the private content comprises sensitive information about the user; determining a privacy-utility trade off point model based on analytical analysis of the privacy content, a privacy requirement of the user, and a utility requirement of third party to which the private data is disclosed, wherein the privacy-utility trade off point model is indicative of optimal private data sharing technique with the third party; and identifying privacy settings for the user based on risk appetite of the third party, utilizing the determined privacy-utility tradeoff point model, wherein the risk appetite of the third party is indicative of the third party's utility requirement and private data sharing capabilities.