What is Digital Trust?
The digitally connected society is now pervasive. Online interactions are foundational to business and individual communication, transactions, as well as social interaction. In recent years, digital transformation has been accelerating. Remote processes have replaced face-to-face interactions. Devices, systems and facilities are becoming network- or Internet-connected. New deployment methods are changing the landscape for IT architectures. Digital trust is essential for online operations in this digital environment. Digital trust allows individuals and businesses to interact online with confidence that they are safe in a digital world.
Digital trust has many benefits
Cyber and privacy risks are increasing due to the interconnectedness of businesses, governments, and industrial equipment. Businesses are increasingly digital, and cybersecurity is an important feature to draw customers. Online users share more personal information, which increases the risk for them and their trust in the company.
The trust that users have in a brand and the services they receive has become more important to them. A digital transformation is necessary to ensure reliable digital services. Companies are reviewing and making changes to the way they create and distribute services. Companies are now focusing on cyber risk management and privacy.
Customers will be able to quickly find reliable digital services and make their selections. Machines will eventually be able to automate the decision-making process by calculating the program’s confidence level. This will mean that more information will be required about a company’s product or service, which will increase transparency and build digital trust.
How to build digital trust
We all know the consequences of data being sold or leaked without client knowledge. Customers who return to your company time and again are loyal because they know that you have kept your promises and kept their data secure.
Digital trust is a key factor in destroying everything you have worked so hard for. Businesses need to build digital trust. You will be able to stay ahead of the curve in Digitization era by managing your customers’ data with trust and not fear, unlike other companies. Digital Trust is a reliable way to ensure that your clients feel secure giving their business to you.
In a World Economic Forum Article from November 2018, Robert E. Moritz (Global Chairman at PwC) shared the results of their latest study, Digital Trust Insight. This article provides great advice to companies who are trying to navigate the uncertain waters of trust in a world moving towards total digitization.
Digital Trust builds trust and makes it easier for users to choose a secure service over a poor one. It creates a trust relationship between the user and the company, where security and safety are assured. A company that has more digital trust is likely to have more users.
Both sides of digital trust work. Digital trust can be used to search for services or devices. Trustworthiness is more important than reliability for consumers. Companies will work together to build trust with customers by focusing on digital trust.
How companies can earn digital trust
Geneva, Switzerland: According to a report by the World Economic Forum, digital trust is an expectation that all parties and organizations will uphold society’s expectations and values.
Failures of technology developers and providers of digital services have led to a loss in trust and confidence on a scale and pace that is unprecedented. A number of social institutions and links have also seen a decline in trust in science, technology and other institutions. As our dependence on digital networks and technology increases, the trust gap continues to grow.
In collaboration with Forum partners Accenture and KPMG, the report “Earning Digital Trust” outlines how cybersecurity, privacy and other business functions can be combined to improve trust in technology.
Consumers and citizens expect technology developers and companies to respect their values on privacy, data usage and inclusion. Companies that fail to meet these expectations will not be able to expect widespread adoption. This is a challenge that companies are not prepared to face.
PwC recently reported that only 10% of executives are ready to adhere to cybersecurity transparency requirements.
Accenture reported that a lack of trust in the United States cost companies $ 756 billion last year. Today, more than 76% say that citizen trust is crucial to their business’ competitiveness.
KPMG stated that trust is key to profitability, but over 75% of executives think new technologies like artificial learning and machine-learning raise serious ethical and cybersecurity questions.
The World Economic Forum brought together representatives of the largest tech-focused and consumer-focused companies in the world – including Apple, Microsoft and Google – along with representatives from the US, European Commission, Singapore and leading consumer advocates, to reverse this worrying trend.
Forum’s Digital Trust Framework demonstrates for the first-time how CEOs can drive trust in technology by focusing on cybersecurity, privacy and transparency, redressability and auditability, fairness and safety, and thereby improve consumer and citizen trust.
The Forum’s report offers both a framework with specific goals and dimensions for supporting digital trust and a roadmap to companies on how to become more trustworthy in the use and development technology.
Jeremy Jurgens (World Economic Forum Managing Director, Centre for Cybersecurity Head) stated that “Developing trustworthy technology is a decision – a responsibility – that falls on leaders across industries and sectors.” The World Economic Forum’s Digital Trust Framework can help leaders make more responsible and trustworthy technology decisions.
“Whether we work together to build trust, or watch innovation fail is the most important decision we can take in the 21st Century.” We can make technology more trustworthy by paying attention to the expectations and values of individuals and by committing security and reliability, accountability and supervision, inclusive, ethical and responsible use technology,” said Daniel Dobrygowski, Head of Governance and Trust at World Economic Forum.
“Improving trust in digital technology is essential for digital citizenship to thrive.” “The Forum’s Digital Trust Framework is an important resource to make technology more trustworthy for individuals and citizens,” stated Nuala O’Connor, Walmart Chief Counsel, Digital Citizenship Senior vice-president.
All organisations should strive to deploy trustworthy technology. The World Economic Forum’s Digital Trust Framework provides a useful roadmap to help leaders make responsible decisions about technology. As part of the steering group, I am grateful to share my learnings with Microsoft from our journey to align our efforts on interconnected governance of digital safety, privacy, and responsible AI.
“The WEF Digital Trust Framework that has been created will guide other organizations on the path to digital trust,” stated Julie Brill, Microsoft Chief Privacy Officer and Corporate Vice- President.
The financial services industry we have today would not be possible without trust in digital systems. Ajay Bhalla, President of Mastercard Cyber and Intelligence Solutions, said that the Forum’s Digital Trust Initiative plays a crucial role in helping define trust in digital systems.
Companies that put the needs and rights and interests of consumers first create trust. Consumers International, representing consumer advocates all over the globe, is pleased to join the Digital Trust Initiative, calling for companies inform and empower consumers.” Helena Leurent, Consumers International Director General, said that Consumers International, a membership organization for 200 consumer advocacy organizations in more than 100 countries, includes Consumer Reports (UK), Which UK, CHOICE Australia and Consumer Voice (India), El Poder del Consumidor Mexico, Hong Kong Consumer Council and Consommateur Maroc, Consumer Council of Zimbabwe, and many others.
Trust is the core of everything IKEA does. Trust in our products and how we treat your data is key. We believe trust must be earned and that it is a team effort. IKEA is proud to be a partner in the World Economic Forum’s Digital Trust Initiative. We look forward creating a shared vision of digital trust between citizens and government,” stated Nozha Boujemaa, Global Vice President, Digital Ethics and Responsible Artificial Intelligence, IKEA Retail (Ingka)
Top comments (2)
Nice article
Thank You