The increasing usage of online platforms by children in the fast-changing digital environment has raised worries over potential privacy and security hazards. Despite previous study efforts, there are still significant unresolved concerns, particularly the absence of a methodical and all-encompassing approach to comprehending the social safety concerns associated with digital platforms. This involves integrating security and privacy elements with qualitative and categorical data gathered from the viewpoints of children. In order to fill this void, our study undertakes a comprehensive analysis of children's online encounters, collecting firsthand observations from children themselves. Prior to the primary investigation, a preliminary survey was carried out using a cohort of 30 children to authenticate our methodology, hence guiding the development of survey questionnaires. Afterwards, data from a total of 383 children were gathered for analysis. The study develops two models for the dataset—Privacy (Model-I) and Security (Model-II). Employing Principal Component Analysis (PCA) and machine learning algorithms such as Decision Tree, Logistic Regression, Random Forest, and Gaussian Naive Bayes, these models address specific privacy and security concerns. The results unveil intriguing insights into children's perspectives on online privacy and security. In Model-I, 90.1% of children report preserved privacy, with 9.9% reporting violations, while in Model-II, 71.3% of children perceive their security as preserved, with 28.7% reporting violations. Comparing children's perspectives in both models enhances digital safety. This research provides actionable insights from a systematic approach using statistical and machine learning techniques. Our key new finding underscores the importance of considering children's perspectives in policy development for online safety, informing evidence-based interventions and policies. Our systematic approach, built from different techniques, offers a practical and scalable solution for defining privacy and security violations among a vast population of children, enabling policymakers and related child-concerning bodies to easily identify and address such issues across diverse regions and sectors.