The Digital Trust Paradox: Despite Hailing Its Importance, For Most It’s Not a Priority
New research by global digital trust association ISACA underscores the importance of digital trust for business and IT professionals in Europe. The study shows 94% of respondents believe that digital trust is relevant to their organisation, with 93% of IT professionals stating it is relevant for their current job. And its significance will only grow as 83% of businesses think digital trust will be even more important over the next five years.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230508005811/en/
ISACA defines digital trust as the confidence in the integrity of the relationship, interactions and transactions among providers and consumers within an associated digital ecosystem. Its key components include security, data integrity, privacy, governance and assurance, and it is a driving factor in consumer decisions and enterprise resilience.
Organisations must prioritise cross-functional teams, communication channels, and training programs that encourage collaboration to achieve digital transformation objectives and maintain trust with stakeholders. But according to ISACA’s new research, less than half (44%) of respondents feel there is sufficient collaboration among professionals in their organisation who work in digital trust fields such as security, risk, governance, assurance, privacy, and quality.
Digital trust is key to success
Over three quarters (79%) of respondents recognise that organisations that demonstrate their commitment to digital trust will be more successful. They believe that businesses with high levels of digital trust are more likely to have a positive reputation (70%); experience fewer privacy breaches (57%); experience fewer cybersecurity incidents (55%) and have more reliable data on which to make decisions and have stronger customer loyalty (51%).
Despite respondents highlighting its importance, there is a clear disparity between thought and action when it comes to digital trust.
ISACA's research finds that only 7% of European business and IT professionals are completely confident in the digital trustworthiness of their organisation, with a staggering one in three (33%) not measuring their digital trust practises at all. Only a quarter (27%) of organisations provide any kind of digital trust training to staff, and 41% do not have a staff role dedicated to digital trust and are unlikely to in the next five years.
Chris Dimitriadis, Chief Global Strategy Officer at ISACA, said: “Businesses recognise the importance of digital trust, but most are struggling to achieve it. Employees aren’t getting the right training to build their skills in this area, and we need to change the record through a combined training and credentialing approach that crosses digital trust domains like cybersecurity, audit, risk, privacy and governance of technology among others. That way, businesses can understand the critical factors that drive organisational success and learn about the strategies and techniques needed to establish and maintain digital trust.”
Barriers to digital trust
There are several barriers to achieving digital trust. According to the research, 41% of respondents cite both a lack of leadership buy-in and a lack of alignment between digital trust and enterprise goals as blockers to progress. A similar number (38%) signal that a lack of budget was a barrier, indicating that businesses are struggling to find the resource and reason to improve the trustworthiness of their organisation.
Similar sentiments were found with regards to the provision of digital trust training. 49% of respondents identify a lack of staff skills and training as an obstacle to achieving high levels of digital trust. The findings indicate the need for businesses to prioritise investment in digital trust training and skills development – from the C-suite right down to entry level employees.
Dimitriadis continues : “To truly achieve digital trust, high levels of collaboration and a holistic approach are essential. From IT and engineering to HR and sales, all departments must now align on how digital trust can be achieved through a unified strategy and then take the steps to do so.
“The organisations that do keep digital trust front of mind will not only protect themselves against cyberattacks, but also protect their businesses’ bottom line by building long term customer loyalty – in turn increasing customer retention. Those that do not will see these things negatively impacted and their business success undermined.”
Rolf von Roessing, ISACA Evangelist, said: “Cyberattacks are on the rise and customers increasingly recognise their sophisticated nature. They’ll therefore expect businesses to take the necessary steps to protect and secure their personal data. Those who adopt a company-wide strategy to build digital trust will establish themselves as a credible authority among customer bases and sustainably reap the long-term rewards.”
Notes to editors
All figures are based on fieldwork conducted by ISACA. Fieldwork was undertaken in 8,100 among global business and IT professionals, including 1354 within Europe.
For more than 50 years, ISACA (www.isaca.org) has equipped individuals and enterprises with the knowledge, credentials, education, training, and community to progress their careers, transform their organisations, and build a more trusted and ethical digital world. ISACA's member base in Europe exceeds 30,000, and the organization has further strengthened its presence in the region by establishing a new regional office in Dublin, Ireland, in 2022. Through its foundation One In Tech, ISACA supports IT education and career pathways for under resourced and underrepresented populations.
For resources on digital trust, visit www.isaca.org/digital-trust. The State of Digital Trust report is available as a free download at www.isaca.org/state-of-digital-trust.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230508005811/en/
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Discover® Global Network Study Finds 93% of Global Fintechs Increased Reliance on Payment Networks Given the Current Economic Environment6.6.2023 08:02:00 EEST | Press release
Today, Discover shared a portion of the third annual Fintech State of the Union , the most comprehensive study of its kind in the industry, providing global perspectives from consumers, fintech vendors, and venture capitalists. The research study commissioned by Discover Global Network with 451 Research of S&P Global Market Intelligence surveyed global fintechs to identify emerging digital payments trends shaping the fintech ecosystem. Reliance on Payments Networks is Strong for Fintechs Per the study, fintechs are dependent on payments networks, with 93% saying the current economic environment has increased their business’s reliance on payments networks. Fintechs are looking for payments partners who are flexible (44%) and innovative (44%). Fintechs also say they benefit from payment networks the most through financial investment (42%), access to customers (38%), and technology enablement (38%). “As a payments network, it’s exciting to see both fintechs and venture capitalists lean in
Carbios Aims to be a Leader in Growing r-PET Market with an Ambition to Capture 8 to 12% Share by 2035 Through Licensing Model6.6.2023 07:45:00 EEST | Press release
Regulatory News: Carbios (Euronext Growth Paris: ALCRB), a biotech company pioneer in the development and industrialization of biological technologies to reinvent the life cycle of plastic and textiles, will hold its 2023 Strategic Update today at 2pm CET in which it provides details of its business model for 2030 and 2035. Carbios announces its ambition to be a leading player in the global r-PET market by capturing between 4 and 8% of market share by 2030 and between 8 and 12% by 2035. CLICK HERE TO JOIN THE WEBCAST AT 2pm CET OR TO VIEW THE REPLAY Emmanuel Ladent – Chief Executive Officer and the Carbios Leadership team 6 June 2023, from 2pm CET to 4pm CET (Paris Time) https://edge.media-server.com/mmc/p/u2qw4cir France Dial-in: +33 170918704 / UK Dial-in: +44 1 212818004 1. A VALUE-CREATING BUSINESS MODEL Carbios’ business model, based on the licensing of its unique PET biorecycling technology2, relies on a CapEx lean approach and 3 sources of revenue (upfront payments and two recur
VeriSilicon Obtained Bluetooth 5.3 Certification for Its Complete Bluetooth Low Energy Solution6.6.2023 03:30:00 EEST | Press release
VeriSilicon (688521.SH) today announced its complete Bluetooth Low Energy (BLE) solution has passed the Bluetooth 5.3 certification issued by Bluetooth SIG. This complete BLE solution integrates VeriSilicon’s self-developed radio frequency (RF) IP, baseband IP, and software protocol stack, offering a one-stop solution compliant with the Bluetooth Core Specification Version 5.3. It caters to multiple IoT sectors, including industry, automobile, smart home, smart city, and healthcare, empowering customers to significantly reduce design time, mitigate risks, lower costs, and accelerate time-to-market of their products. Bluetooth Core Specification Version 5.3 brings enhancements to the BLE specification, including low-rate connection, periodic advertising, and channel classification, thereby enhancing the wireless coexistence and security of Bluetooth-enabled products. VeriSilicon’s complete BLE solution is based on 22nm FD-SOI process node, and its receiver sensitivity of RF transceiver
IPS Appoints Jim Stephanou as New CEO5.6.2023 21:30:00 EEST | Press release
IPS, a leading provider of architecture, engineering, procurement, construction management, and validation services for the life sciences sector, announces the appointment of Jim Stephanou, as its new Chief Executive Officer (CEO) to lead the company into its next phase of growth. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230605005759/en/ IPS is excited to announce the appointment of Jim Stephanou as its new Chief Executive Officer (CEO) to lead the company into its next phase of growth. (Photo: Business Wire) Mr. Stephanou is a well-recognized and accomplished leader in the Pharmaceutical Industry with over thirty years of experience in manufacturing operations and engineering. His most recent role was Vice President, Global Engineering Solutions at Merck & Co., Inc., a position he held for eight years. During that time, he was responsible for managing and overseeing one of the largest capital investment cycles of any
Translated Unleashes Full GPT-4 Potential for Businesses Operating in Languages Other Than English5.6.2023 18:06:00 EEST | Press release
In a significant breakthrough for generative AI and content creation, Translated, a leader in AI-enabled language solutions, is proud to introduce its innovative language model T-LM (Translated Language Model). T-LM will help unlock the full potential of OpenAI’s GPT-4 for businesses around the world. It provides companies with a cost-effective solution to create and restructure content in 200 languages, bridging the performance gap between GPT-4 in English and non-English languages. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230525005702/en/ (Graphic: Business Wire) Until now, GPT's impressive performance has been a privilege of the English-speaking world. Companies operating in languages other than English have often found their performance lagging behind that of GPT models from several years ago, with some languages trailing by as much as three years. For these companies, the performance gap in understanding, generati
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom