Digital trust in a hyperconnected and fragmented world

By Jagadeshwar Gattu

The world we live in today is characterized by hyper-connectivity and hyper-fragmentation at the same time. This unique paradox mandates both public and business leaders to build digital trust as a critical requirement for fostering a secure and equitable global society. As we navigate this intricate web of challenges and opportunities, the imperative of cultivating trust in the digital realm becomes increasingly evident. There is an intricate relationship between cyberattacks like ransomware and the erosion of trust in digital ecosystems. To put things in perspective, ransomware is estimated to cost victims $265 billion annually and is expected to attack a business, consumer, or device every 2 seconds¹.

A world in transition: need for a dynamic approach
The interplay of global conflicts and economic inequality contributes to an intensified threat scenario in the digital domain. These real-world challenges reverberate across our interconnected systems, amplifying the risks associated with the digital environments. In fact, lapses in mitigating such risk has had a profound impact, as GDPR (General Data Protection Regulation) fines reached a staggering 1.74 Billion USD in 2022², casting an extreme shadow over digital trust.

Addressing these challenges necessitates organizations to cultivate a dynamic and adaptive approach. They must deepen their understanding of the geopolitical and regulatory landscape, implement robust cybersecurity measures and continuously evolve their strategies to mitigate emerging risks. Businesses must anticipate, respond and adapt to rapidly changing dynamics as they face the many, multifaceted challenges on their journey towards building digital trust and resilience.

Design principle – digital trust can’t sustain without digital inclusion
At the core of building a secure digital world, lies the inseparable duo of digital trust and digital inclusion. According to a recent study by Information Systems Audit and Control Association (ISACA), 84% of security professionals feel that digital trust is extremely/very important to organizations today³. Beyond technological considerations, these elements become foundational pillars for fostering a secure and equitable society. Digital inclusion, extending universal access and benefits from digital technologies, transcends mere equity and has become a strategic imperative for creating a secure online environment for everyone.

Building digital trust through cyber assurance
Establishing a robust digital foundation and implementing cyber assurance mechanisms are pivotal in fortifying our digital capabilities. Cyber assurance encompasses a holistic and dynamic approach to cybersecurity. From strategic vigilance and adaptive strategies to comprehensive planning, continuous improvement, cultural integration and third-party verification –are all essential to building a secure and trusted digital foundation. By embracing cyber assurance, organizations validate the integrity of their digital systems and fortify their resilience against the evolving nature of modern cyber risks.

Cyber threats: collaboration is the cornerstone
Navigating the complex terrain of the digital landscape demands a strong collaboration between the public and private sectors. Governments, industry leaders and technology innovators must forge resilient partnerships to shape judicious policies, establish adaptive frameworks and respond effectively. Such alliances become the cornerstone for creating a unified front against the nuanced challenges of cyber risks.

Additionally in the face of increasingly sophisticated cyber threats, the sharing of threat intelligence emerges as the linchpin in our comprehensive defense strategy. A concerted effort to exchange timely and relevant information on emerging risks fortifies our digital defenses. The recent cybersecurity information sharing agreement⁴ between the European Union Agency for Cybersecurity (ENISA) and the US Cybersecurity and Infrastructure Security Agency (CISA) is a crucial step in this direction. It empowers govt. and enterprises to proactively counteract and mitigate the impact of new types of attacks.

Preparedness is key to ensuring trust
Amidst the escalating levels and diversity of cyberattacks, preparedness becomes paramount. Anticipating and effectively responding to new attacks demand constant vigilance, adaptive strategies and a steadfast commitment to avoid potential threats. Enhancing preparedness becomes critical in our arsenal as we prepare to manage the uncertainty and complexity of digital threats.

In conclusion, cultivating digital trust in a hyperconnected and fragmented world demands a comprehensive and discerning approach. From addressing global challenges to fostering digital inclusion, sharing threat intelligence and prioritizing preparedness against the nuanced landscape of cyber risks—each element contributes to meticulously building a safe and secure environment that overcomes the challenges posed by a fragmented world through a trusted digital economy.

Sources:

1. https://cybersecurityventures.com/ransomware-will-strike-every-2-seconds-by-2031/#:~:text=Cybersecurity%20Ventures%20predicts%20that%20by,than%20ever%20protecting%20against%20ransomware
2. https://www.dlapiper.com/en-ae/insights/publications/2023/01/dla-piper-gdpr-fines-and-data-breach-survey-january-2023
3. https://www.isaca.org/resources/reports/state-of-digital-trust-2023?tfa_next=%2Fresponses%2Flast_success%3Fjsid%3DeyJ0eXAiOiJKV1QiLCJhbGciOiJIUzI1NiJ9.IjM5ZmVlN2RlMWQ2MDkwNGJhYTU5NjQ5YjRlNmVmMDQxIg.4Lve1wG6mKBoRG4hgik_0dByMrrBLSzuTLf7sbb8zHg
4. https://www.itpro.com/security/us-and-eu-cyber-agencies-strike-agreement-to-boost-global-threat-response

(The author is Jagadeshwar Gattu, President, Digital Foundation Services, HCLTech, and the views expressed in this article are his own)