This research proposes incorporating risk aversion as a moderator in the APCO model (Antecedents, Privacy Concern, Outcomes) in order to enhance the explanation of the privacy paradox. The privacy paradox refers to the apparent irrational decision of an individual who reveals his private information easily, despite expressing concern about it. This paradox has been studied in different areas, but has gained greater relevance from the technological development that has allowed the creation of social networks and several applications on the Internet. Within the APCO model, the privacy calculus compares the benefits and risks perceived by the individual. However, there is a difference between perceived risk and attitude towards risk. According to the literature, depending on the level of risk aversion, the decision under uncertainty could change, despite the calculus made by the individual.