ISACA Survey: Digital Trust Gap Threatens Enterprise Success
A recent survey, The State of Digital Trust 2022 by ISACA, reveals a significant gap between current and future digital trust practices in enterprises worldwide. While 79% of respondents agree that digital trust will be more important in five years, only 25% provide digital trust training to staff. This disparity highlights a pressing need for organizations to prioritise digital trust to avoid potential risks and reap its benefits.
The report underscores the critical role of digital trust in digital transformation, with 70% of respondents considering it very important. High levels of digital trust can lead to a positive reputation, fewer privacy breaches and cybersecurity incidents, stronger customer loyalty, faster innovation, and higher revenue. However, low levels of digital trust can result in reputation decline, more privacy breaches, lost customers, and slower innovation.
Organizations are starting to recognise the importance of digital trust. For instance, the Swiss Federal Administration is implementing a new strategy on secure data traffic and information governance projects. German DAX-listed companies are adopting coordinated vulnerability disclosure programs due to regulations like NIS2 and CRA. Industry associations like Bitkom are advocating for digital trust and transparency initiatives in the legislative process. Despite these efforts, only 27% of organizations measure the maturity of their digital trust practices, and only 71% currently prioritise it sufficiently.
The survey also highlights significant regional disparities. While 95% of respondents in Australia and New Zealand consider digital trust important, only 12% of organizations have a dedicated role for it. This contrasts with the global average of 25%.
The most significant obstacles to digital trust are lack of skills and training, lack of alignment with enterprise goals, lack of leadership buy-in, lack of budget, and lack of technological resources. These challenges underscore the need for a comprehensive approach to digital trust that addresses these barriers.
The State of Digital Trust 2022 report underscores the urgent need for organizations to address digital trust. With its potential to enhance reputation, customer loyalty, and revenue, and mitigate risks, digital trust is a critical factor in enterprise success. However, the current state of digital trust practices and the obstacles faced highlight the need for strategic planning, investment, and leadership commitment to build a robust digital trust framework.
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