Collaborating To Establish Digital Trust

Success in today’s data-driven digital economy depends critically on customer trust in your company. Customers, employees, and investors choose companies they can trust to deliver reliable services in an uncertain, constantly changing environment where the pace of change is increasing.

Modern cybersecurity and privacy policies are essential for establishing and preserving digital trust in the face of the quick development of technologies like 5G networks, artificial intelligence (AI), machine learning (ML), virtual reality, and quantum computing.

A timely new report from the World Economic Forum (WEF) warns of a “widening trust gap” between the general public and today’s technology providers amid the widespread adoption of contemporary digital tech and the proliferation of customer data. The report was developed in collaboration with HMAA as part of the WEF’s Digital Trust Initiative.

Five key steps to building digital trust

• Weave trust and security into the business as a golden thread: Smart businesses are weaving cybersecurity and data protection into every aspect of their operations — strategy, planning, investment, customer interactions, governance and culture.
• Build internal alliances: Work with colleagues such as the Chief Data Officer and the Chief Privacy Officer to establish, embed and sustain digital trust. Clearly define and reinforce everyone’s roles and responsibilities. This includes the need for CISOs to gain a deeper appreciation of how the entire business works beyond its security requirements.
• Reimagine the CISO role: In our data-driven reality, CISOs need to embrace a broader agenda and recognize their ability to make significant contributions in areas ranging from the ethics of AI to ESG. One-third of leaders we surveyed believe their CISO currently lacks the influence needed to protect the organization and its data.
• Secure leadership support: CISOs gaining C-suite and board support will find it easier to drive the trust agenda. This means transforming the CISO’s duties from a traditionally narrow technical role into a strategic enabler for the organization. Half of the executives we surveyed doubt the relationship between the board and CISO is currently characterized by ‘high trust.’
• Reach out to the ecosystem: Collaborate closely with key partners and suppliers to improve trust and resilience within a ‘trusted community.’ As our research shows, 79 percent of businesses say constructive collaboration with suppliers and clients is vital today — but only 42 percent report doing so.