Why Lack of Digital Trust could Affect Company Revenue Badly?


If the customers do not have digital trust in enterprises, it may affect the company’s revenues

Digital trust is crucial for modern business relationships as increasingly, transactions require sensitive information to be shared online. However, a new report from ISACA, the Information Systems Audit and Control Association certification association highlights significant gaps between what enterprises are doing now and what they should do to earn customer trust in their digital ecosystems. The report combines insights from 2,755 business and IT professionals worldwide. It defines digital trust as confidence in the integrity of relationships, interactions, and transactions among providers and consumers within an associated digital ecosystem. While 85% of respondents said digital trust is extreme or very important to organizations today, and 63% said digital trust is extremely or very relevant to their job role, only 66% said their organization prioritizes digital trust in line with its level of importance.

In the US, only 54% of those polled trust technology companies to do the right thing, down three percentage points from 2021, and down 19% since 2019, the report said. The decline in trust was seen across topics, including 5G, artificial intelligence (AI), the Internet of Things (IoT), and virtual reality. Globally, only 29% of respondents said they were very or extremely familiar with the term “digital trust.”  At 50%, respondents in India were the most familiar with the term. In addition, respondents from Latin America (37%), Africa (35%), and Europe (34%) also indicated a higher familiarity than the total of respondents. When viewed by industry, those in consulting (35%) were more familiar with the term than those working in finance/banking (28%), the report said.

The three most important components of digital trust, according to the survey respondents, are security, data integrity, and privacy, but only 50% of respondents agree that there is sufficient collaboration within their organization among professionals who work in these fields, according to the report. Organizations that measure digital trust had two things in common, a board of directors that has prioritized digital trust and the use of a digital trust framework.

Measurement of digital trust can help an organization see where its current position is in industry benchmarks. One of the strongest benefits of measuring maturity is that it creates a repeatable process so an organization can have confidence in its results. Creating a digital trust maturity roadmap is a start and is a key part of getting to their desired destination, ISACA noted.

ISACA recommended three major steps to improve an organization’s digital trust maturity. First, an organization needs to understand what it wants to accomplish and learn how digital trust can contribute to its goals. “Start by defining what customers, employees, and stakeholders expect of each other. Measure the current state and benchmark against industry good practices,” ISACA recommended.

The second step is to outline the desired state and begin developing the road map to achieve it. An organization needs to understand the priority issues being faced by senior leadership, and how digital trust will resonate within their focus areas and provide potential solutions. Finally, ISACA recommends focusing on a mindset of continuous improvement as it pertains to security, quality, reliability, compliance, and customer experience.

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