SCHAUMBURG, Ill.–( BUSINESS WIRE )–As businesses around the world embark on the race to digital transformation, the ISACA State of Digital Trust 2022 research report finds significant disparities between what companies are doing and what what they should do to establish leadership. and gain customer trust in the future digital ecosystem.
The report is based on insights from 2,755 business and IT specialists around the world. ISACA defines digital trust as trust in the integrity of relationships, interactions and transactions between providers and consumers in a digital ecosystem.
Although 98 percent of respondents agree that digital trust is important, only 12 percent of their organizations have a dedicated digital trust team.
Eighty-two percent say digital trust will play an even bigger role five years from now, but only 29 percent offer digital trust training to their staff.
“Digital trust is the foundation of business relationships, and it plays a crucial role in strategic digital transformation,” said David Samuelson, CEO, ISACA. “Innovation, market leadership and financial performance rely heavily on trust, an asset that must be earned day in and day out.”
Organizations with low reputations experience decreased trust (62 percent), increased privacy breaches (60 percent), increased cyber security incidents (59 percent), lost customers (56 percent) , less reliable data for decision-making (53 percent), negative impact on revenue (43 percent) and slowed innovation (36 percent).
The main barriers to digital trust are lack of skills and training (53 percent), lack of alignment with business goals (44 percent), lack of leadership involvement (42 percent), lack of budget (41 percent) and lack of technological resources (40 percent).
“Digital trust is a currency that must be supported by a strong validation process,” says Matt Chiodi, Chief Trust Officer, Cerby, and member of ISACA’s Digital Trust Committee. “Trust is earned, which means that in everything that organizations do, the ultimate goal is to answer the question: what can we do to better earn the trust of our customers? Organizations that ask themselves this question in continuous way and which priority answers will win in terms of market share, profitability and engagement with employees and customers”.
Some of the key benefits from a high level of trust include:
Positive reputation (66 percent)
Fewer privacy breaches (58 percent)
Fewer cybersecurity incidents (57 percent)
Improved customer loyalty (55 percent)
Accelerated innovation (44 percent)
Increase in turnover (25 percent)
Respondents said that the three main elements of digital trust are security, data integrity and privacy, but only half agreed that there is enough collaboration between professionals in these areas of trust.
82 percent say trust will be much more prominent in their organization, and 28 percent say their organization is likely to have a senior leadership position dedicated to digital trust within five years.
Find the State of Digital Trust report and additional resources at www.isaca.org/digital-trust or www.isaca.org/state-of-digital-trust.
Join a members-only webinar on the new Digital Trust Ecosystem Framework at 12:00 pm ET on September 22, 2022.
ISAAC® (www.isaca.org) is a global community that helps people and organizations seeking digital trust. For more than 50 years, ISACA has provided people and businesses with the knowledge, credentials, education, training and community to advance their careers, transform their organization and build a more trusted and digital world. ethical ISACA has more than 165,000 members in 188 countries, including 225 representatives worldwide. Through its One In Tech Foundation, ISACA supports IT training and career paths for underresourced and underrepresented populations.
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