If the lifeblood of the new digital economy is data, then its heart is digital trust. It’s been long established that building – and keeping – the trust of customers is a non-negotiable, writes Steve Ingram, the leader of PwC Australia’s Cyber practice and Asia-Pacific cyber leader.
Building trust is a journey worth taking
But in order to build digital trust – the level of confidence in the people, processes and technology that build a secure digital world – company executives need to find new mechanisms to address emerging threats to data, security and privacy.
To assess the current state of business’ relationship to trust, PwC US surveyed 3000 small and large business leaders in its inaugural Digital Trust Insights report. Covering a range of industries including financial services, healthcare, consumer products and technology, as well as media and telecommunications, and energy, mining and utilities, the survey covers 81 territories, and builds on the strength of its predecessor, the Global State of Information Security® Survey.
PwC believes 2019 will be a pivotal year in laying the foundation for creating a new legacy in digital trust. Drawing on insights from the survey, ten major opportunities for improvement were identified around digital trust’s three pillars.
- Companies need to build digital trust – the level of confidence in people, processes and technology that build a secure digital future – in order to succeed in the digital economy.
- The lines between cyber and physical are blurring, making cyber security and privacy needs more complex.
- The majority of executives are embedding increased measures into their digital transformation strategies, but there is plenty of room for improvement.
Who will be your trust trailblazers?
- Engage security experts at the start of digital transformations.
- Upgrade your talent and leadership team.
- Raise workforce awareness and accountability.
What processes can become new trust mechanisms?
- Improve communications and engagement with the board of directors.
- Follow-up with process strategies that continue to build trust.
- Tie security to business goals.
- Build lasting trust around data.
- Boost cyber resilience.
- Know thy enemies.
- Be proactive in compliance.
How can trust keep pace with emerging technology?
Download the full report here.