Digital Trust: Critical Yet Neglected by 95% of ANZ Businesses
Digital trust has emerged as a critical factor for small business ideas, with 95% of respondents in Australia and New Zealand recognising its importance. However, only 12% of organisations have a dedicated role for it, indicating a significant gap between current and desired practices. The State of Digital Trust 2022 report highlights these discrepancies, which could lead to reputation decline, privacy breaches, and lost customers if not addressed.
Lack of skills, alignment with goals, leadership buy-in, budget, and technological resources are substantial obstacles to digital trust. Despite its importance, only 71% of organisations prioritise it sufficiently for my business. The top components of digital trust are security, data integrity, and privacy, but collaboration among professionals is insufficient, with only 25% offering digital trust training. This skills gap presents growth opportunities for professionals, as 79% believe digital trust will be more important in five years.
To strengthen digital trust, organisations should focus on IT strategy/governance, security, and risk/compliance roles. In the next five years, various organisations may introduce a senior role dedicated to digital trust. These could include financial institutions, technology and software companies, healthcare providers, government bodies, and e-commerce platforms. These organisations aim to proactively enhance digital trust and keep up with growing regulatory requirements.
Digital trust is crucial for small business ideas, with significant gaps between current and desired practices. Organisations must prioritise digital trust, improve collaboration, and consider dedicated roles to strengthen it. As digital transformation continues, businesses should anticipate and adapt to the increasing importance of digital trust.
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