At a time when decentralization of digital assets is making headlines due to the government’s efforts around the open network for digital commerce (ONDC), a digital trust report has added to the discussion by claiming that security, privacy, data integrity were key components that built trust levels for them.
The Digital Trust Report 2022 prepared by ISACA says 67% of the respondents felt digital trust is very relevant to their job roles and 68% felt there is sufficient collaboration at their organization among professionals who work in these fields. Only 23% say their organization has a staff role dedicated to digital trust, and 34% say they do not have the role yet.
What’s intriguing is that just about a quarter of the respondents were completely confident about their organization’s digital trustworthiness whereas about 53% of the respondents were relatively confident that their company was doing the right things. However, a massive 82% felt playing a role in the IT strategy / governance helped strengthen digital trust.
Over the next five years, 85% say digital trust will be more or much more important than it is today but 57% of organizations still do not provide training in digital trust. As many as 82% think indicating that it is very or extremely important to measure the maturity of digital trust, but only 46% say their organization does it—and 31% are unsure if they do.
The survey listed out that the higher the levels of digital trust, the more it could lead to positive reputations, stronger customer loyalty, better quality of data on which decisions are made, fewer cybercrime incidents and lesser privacy breaches.
On the contrary, the key obstacles of digital trust, according to the survey report, were lack of staff skills and training, lack of leadership buy-in, lack of alignment of digital trust and enterprise goals. While a lack of technological resources and insufficient processes or governance practices were critical, a major cause was lack of alignment of digital trust and enterprise goals.