ISACA’s 2024 Survey Report Emphasizes Importance of Measuring Impact of Digital Trust Practices for Organizational Success

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science-technology

Summary

85% of Indian business believe it is extremely or very important to measure the maturity of Digital Trust practices, yet only 36% of organizations measure it

Press Release

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As organizations pursue digital transformation, there is an urgent need to prioritize digital trust to achieve their goals and prepare for future opportunities, legislation, and regulatory compliance. Business leaders can better understand how to address their organizations’ gaps with ISACA’s State of Digital Trust 2024 report, which reveals new data and insights around the areas of familiarity, priority, confidence, maturity, obstacles, and responsibility related to digital trust from more than 5,800 global digital trust professionals, including 394 from India.

Despite Perceived Importance, Prioritization Fails to Keep Up

Among India-based respondents, the report finds that 88 percent agree that digital trust is important to digital transformation and 92 percent say digital trust will grow in importance over the next five years, but only 27percent are planning to increase budget for digital trust.

 

Only 34 percent say increased revenue is a current benefit of digital trust, which may indicate that organizations are missing opportunities to improve revenues by prioritizing digital trust practices. The report identifies other top benefits of high levels of digital trust, including:

  • Positive reputation (73 percent)
  • Stronger customer loyalty (68 percent)
  • More reliable data for decision-making (64 percent)
  • Fewer cybersecurity incidents (64 percent)

Few Measuring Digital Trust Maturity

Understanding and measuring trust is paramount to gaining actionable insights into what drives customer and stakeholder actions. In fact, 95percent of India-based survey respondents consider it extremely/very important to organizations today and 85 percent feel it is extremely/very important to measure the maturity of their organization’s digital trust practices.

 

Still, in total, only 36 percent of Indian respondents say their organization measures digital trust maturity. One expected growth area is independent third-party digital trust assessments, which contribute to building customer loyalty from a reliable and transparent evaluation. According to the survey, 86 percent believe it is extremely/very important for organizations to be independently graded on digital trust practices and that the results should be available publicly.

 

Eighty-nine percent of respondents in India agree that organizations that demonstrate their commitment to digital trust—for example, with a high score rating from an independent third-party assessment—would ultimately be more successful.

 

When looking at confidence levels, 71 percent of respondents are confident in the digital trustworthiness of their organization.

Facing Obstacles

To achieve high confidence and strong maturity in digital trustworthiness, organizations often have to overcome obstacles that may limit or prevent them from pursuing digital trust. The State of Digital Trust 2024 survey finds that lack of staff skills/training is the biggest obstacle for India-based respondents at 53 percent and is the same across all geographic regions and industry sectors. Additional top obstacles include:

  • Lack of leadership buy-in (41percent)