Over the years, mobile applications have brought about transformative changes in user interactions with digital services. Many of these apps however, are free and offer convenience at the cost of exchanging personal data. This convenience, however, comes with inherent risks to user privacy and security. This paper introduces a comprehensive methodology that evaluates the risks associated with sharing sensitive data through mobile applications. Building upon the Hierarchical Weighted Risk Scoring Model (HWRSM), this paper proposes an evaluation methodology for HWRSM, keeping in mind the implications of such risk scoring on real-world security scenarios. The methodology employs innovative risk scoring, considering various factors to assess potential security vulnerabilities related to sensitive terms. Practical assessments involving diverse set of Android applications, particularly in data-intensive categories, reveal insights into data privacy practices, vulnerabilities, and alignment with HWRSM scores. By offering insights into testing, validation, real-world findings, and model effectiveness, the paper aims to provide practical considerations to mobile application security discussions, facilitating informed approaches to address security and privacy concerns.