Skip to main content

ISACA’s State of Digital Trust 2022 Report highlights gaps in what businesses are doing and what they should do to win customer trust in digital ecosystem

 Key Findings:

Consequences of low digital trust of an organization include customer loss, more cybersecurity incidents, and reputation deduction, among others.

47% say digital trust will be much more important in the next five years; however, 57% say their organizations do not provide staff training in digital trust.

Most significant obstacles to digital trust are lack of skills and training (56%), lack of leadership buy-in (49%), lack of alignment of digital trust and enterprise goals (49%), lack of technological resources (47%) and insufficient processes and/or governance practices (41%).


The State of Digital Trust 2022 survey report from ISACA highlights major gaps between what businesses are doing now and what they should be doing to build leadership and win customers' trust in the future digital ecosystem, as businesses around the world compete for digital transformation. ISACA defines digital trust as the confidence in the integrity of relationships, interactions and transactions among providers and consumers within an associated digital ecosystem. It is a driving factor in consumer decisions and enterprise resilience in a digital-dominated environment. Among respondents based in India, 53% are very confident and 24% are completely confident about the digital trustworthiness of their organization, and 82% said roles in IT strategy/governance help strengthen digital trust. However, only 24% have a complete understanding of digital trust. In the coming five years, 85% say digital trust will be more or much more important than it is today but 57% of organisations still do not provide training in digital trust.

“Digital trust is the bedrock of business relationships, and is critical for strategic digital transformation,” said David Samuelson, chief executive officer, ISACA. “Innovation, market leadership and financial performance rely heavily on trust that must be earned every day.”

Organisations with low levels of digital trust suffer from many consequences, according to India respondents—with the top five being 1) loss of customers, 2) more cybersecurity incidents, 3) more privacy breaches, 4) reputation deduction, and 5) having less reliable data on which to make decisions. Survey findings show that analytics and metrics are highly valued, with, 82% indicating that it is very or extremely important to measure it, and 46% saying their organization measures the maturity of its digital trust practises; however, 31% are unsure if their organization currently measures its digital trust maturity.

Obstacles: According to 194 survey respondents in India, the most significant obstacles to digital trust are lack of staff skills and training (56%), lack of leadership buy-in (49%), lack of alignment of digital trust and enterprise goals (49%), lack of technological resources (47%) and insufficient processes and/or governance practices (41%).

Benefits of Digital Trust:

Enterprises experience a range of key benefits when they prioritize digital trust in their strategic planning. According to respondents in India, high levels of digital trust are more likely to lead to:

·         Positive reputations – 70%

·         Stronger customer loyalty – 61%

·         More reliable data on which to make decisions – 58%

·         Fewer cybersecurity incidents – 55%

·         Fewer privacy breaches – 53%

·         Ability to innovate faster because of the confidence in their technology and systems – 51%

·         Higher revenue – 35%

Growth Opportunity:

Despite the global efforts such as the Digital Trust Initiative from the World Economic Forum, only 10% and 40% of respondents in India are extremely or very familiar with the term “digital trust” respectively. The respondents also think digital trust is extremely important; 42% and 47% choose trust as extremely important and very important, respectively, for an organisation and 35% consider the senior leadership team to be responsible for digital trust. According to the survey, 30% and 56% respondents also say that digital trust is extremely and very important in digital transformation, respectively. Respondents in India consider the main components of digital trust to be security, privacy, data integrity, and risk management, and 68% agree or strongly agree that there is sufficient collaboration at their organization among professionals who work in these fields. Excepting IT strategy, survey respondents indicate that

 

the other top roles focused on strengthening digital trust are security (79%), information technology (73%) and risk and compliance (71%).

Learn More

For resources on digital trust, including an introductory digital trust course and complimentary digital trust guides, 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.

 

About ISACA

ISACA® (www.isaca.org) is a global community advancing individuals and organizations in their pursuit of digital trust. For more than 50 years, ISACA has equipped individuals and enterprises with the knowledge, credentials, education, training and community to progress their careers, transform their organizations, and build a more trusted and ethical digital world. ISACA is a global professional association and learning organization that leverages the expertise of its more than 165,000 members who work in digital trust fields such as information security, governance, assurance, risk, privacy and quality. It has a presence in 188 countries, including 225 chapters worldwide. Through its foundation One in Tech, ISACA supports IT education and career pathways for under resourced and underrepresented populations.

 Twitter: www.twitter.com/ISACANews 

LinkedIn: www.linkedin.com/company/isaca

Facebook: www.facebook.com/ISACAGlobal

Instagram: www.instagram.com/isacanews/

Comments

Post a Comment

Popular posts from this blog

Career Launcher opens Study-Abroad centres across cities to meet post-pandemic demand for international colleges.

New centres in Delhi-NCR, Mumbai, Bangalore, Kolkata, Amritsar, Chandigarh, Panipat and Mysore Career Launcher, the EdTech arm of CL Educate, announced a significant push to its study abroad vertical by launching 12 study-abroad centers across eight cities. This is to meet the post-pandemic rapid rise in demand for international study destinations. The cities include Delhi-NCR, Mumbai, Bangalore, Kolkata, Amritsar, Chandigarh, Panipat and Mysore. While Delhi and Mumbai have three centers each, the other cities have one center each, to begin with. The new Study Abroad centers are a mix of Company-Owned, Company-Operated (CoCo) and Franchise-Owned Franchise-Operated.   Arjun Wadhwa, CFO & CBO (International Education), CL Educate, said, “With the world reopening, the demand from students looking at international universities to pursue their higher education goals is growing at a very rapid pace. To guide students on their study and career path, we will rapidly expand our foo...
Post a Comment
Read more

Rs. 50 lakh prize money pool for INBL National league; Team logos and jerseys unveiled for BFI’s first ever National League

  6 city-based teams play each other over 3 rounds leading to play-offs in January 2023 The city never sleeps on Tuesday witnessed another significant milestone for Indian basketball tipping off a process to Indian basketball to newer heights. Six city-based teams – representing Bengaluru, Chandigarh, Chennai, Delhi, Kochi, and Mumbai – will line up against each other over three preliminary rounds in INBL Season 2022 , BFI’s first-ever National League. The first round will be played in Kochi from October 16-20 followed by the second round six days later from October 26-30 at Jaipur. The third round will take place in Pune from December 7 - 11. The play offs are scheduled to be held in Bengaluru from January 11-15.   Each round will be spread over 5 days with the 6 teams playing against all the remaining teams once in a round robin. Standings over three rounds will accumulate into final rankings which will form the basis for the seeding for the playoffs.The teams will be called...
Post a Comment
Read more

INBL 5x5 Season 1 announced

  6 city-based teams play each other over 3 rounds leading to play-offs in January 2023 with total prize money pool in excess of Rs. 50 lakhs The big moment for Indian basketball is here. Basketball Federation of India (BFI) today announced INBL 5x5 which will see city-based teams representing Bengaluru, Chandigarh, Chennai, Delhi, Mumbai and Kolkata, in action, over 3 rounds before heading to play-offs in January 2023. On offer for the teams and individuals is a prize money pool in excess of Rs. 50 lakhs. A delighted Dr. K Govindaraj, MLC President, BFI and Vice-president, Indian Olympic Association (IOA), said, “This day should be marked in golden letters in the history of Indian basketball. We are launching what has been the dream for millions of basketball fans in India. The format which is focused on local teams playing against each other in cities that are relatively more active hubs of basketball in India will ensure hundreds of talents are assessed on the ground for being f...
Post a Comment
Read more