Wed. Apr 17th, 2024

By Chris Dimitriadis, Director of Global Strategy, ISACABy Chris Dimitriadis, Director of Global Strategy, ISACAIn the digital age, companies face the daunting task of not only earning customer trust, but also maintaining it. Given the repeated security breaches, skepticism about the effective protection of personal data and the growing general distrust that exists towards many organizations, the consolidation of a relationship of digital trust (Digital Trust by its Anglo-Saxon meaning) with customers is more difficult. than ever before. However, despite the degree of difficulty, the most effective way for organizations to achieve digital trust – defined by ISACA as “trust in the integrity of the relationships, interactions and transactions between suppliers and consumers within a associated digital ecosystem” – is to prioritize this task and work strategically to overcome all obstacles that may prevent it. What specifically prevents companies from achieving digital trust? According to ISACA’s State of Digital Trust 2022 survey report, the main obstacles are the lack of qualification/training of staff, the disconnect between digital trust and company objectives, the lack of budget and involvement of managers. Let’s examine each of these areas to see how companies can overcome these obstacles and achieve digital trust.

Lack of qualification/training of staff

Many of the fields of digital trust – areas such as cybersecurity, privacy, IT auditing, risk management and IT governance – are facing significant staffing shortages as the existing job supply does not keep pace with growth in business demand. However, organizations may be able to find the professionals they need by being less rigid in terms of criteria for filling different roles and filling potential skills gaps through ongoing training and supporting relevant professional certifications while on the job. Likewise, organizations must firmly promote a culture of collaboration among these professionals. Digital trust cannot be achieved in isolation; security and privacy professionals must support each other in their work; ethical considerations related to the implementation of emerging technologies must be considered transversally, etc.

Disconnect between digital trust and company goals

Digital trust is so important to the success of companies that it must be incorporated at the same time as establishing the objectives, and not once they have been established. When existing goals related to product launches or profitability goals are not compatible with the prioritization of digital trust, they must be recalibrated. Speed ​​to market and revenue are important, but cutting process shortcuts in the name of a short-term goal is likely to lead to a long-term problem that could erode the trust of customers and other key stakeholders.

Digital trust is so important to the success of companies that it must be incorporated at the same time as setting the objectives

Lack of budget

Budget and leadership often go hand in hand: if you have one, you most likely have the other.While prioritizing digital trust requires a significant budget investment in equipment, tools, and ongoing training and professional development to employees, the alternative of not making those investments must be carefully considered. The likelihood of losing customers, significant legal or regulatory penalties, and the need to spend heavily on marketing to try to attract disenchanted customers should help convince managers of the importance of proactively providing the resources necessary to achieve success. digital trust.

Lack of involvement of managers

Company leaders – whether in the boardroom or on the board of directors – may not understand all the complexities of data protection or privacy regulations, but they should understand that creating and maintaining customer trust are necessary to achieve business objectives. If this is not the case, digital trust experts such as chief information security officers, data privacy officers, and risk managers should engage executive leaders by communicating to them, in concise language geared towards business success, the risks of not prioritizing digital trust.There is often a disconnect between business leadership and IT areas due to the language use. Framing these conversations around building digital trust can be an effective way to bridge that gap and gain buy-in from leaders.

Overcome the obstacles

While much remains to be done, each of the aforementioned obstacles can be addressed through commitment from business leaders and a renewed commitment to cross-functional collaboration. If the trust of customers and other stakeholders is not earned and preserved, no digital innovation will be successful. enough for modern companies to remain competitive. Any factors that may be preventing organizations from moving towards digital trust must be identified and overcome to lay the foundation for sustainable success.

By Alvaro Rivers

Award-winning student. Incurable social media fanatic. Music scholar. Beer maven. Writer.