ISACA’s State of Digital Trust 2022 Report highlights gaps in what businesses

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science-technology

Summary

Consequences of low digital trust of an organization include customer loss, more cybersecurity incidents, and reputation deduction, among others

Press Release

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ISACA’s State of Digital Trust 2022 Report highlights gaps in what businesses are doing and what they should do to win customer trust in digital ecosystem

Consequences of low digital trust of an organization include customer loss, more cybersecurity incidents, and reputation deduction, among others.

47% say digital trust will be much more important in the next five years; however, 57% say their organizations do not provide staff training in digital trust.

Most significant obstacles to digital trust are lack of skills and training (56%), lack of leadership buy-in (49%), lack of alignment of digital trust and enterprise goals (49%), lack of technological resources (47%) and insufficient processes and/or governance practices (41%).

India, 15th September 2022:- The State of Digital Trust 2022 survey report from ISACA highlights major gaps between what businesses are doing now and what they should be doing to build leadership and win customers’ trust in the future digital ecosystem, as businesses around the world compete for digital transformation. ISACA defines digital trust as the confidence in the integrity of relationships, interactions and transactions among providers and consumers within an associated digital ecosystem. It is a driving factor in consumer decisions and enterprise resilience in a digital-dominated environment. Among respondents based in India, 53% are very confident and 24% are completely confident about the digital trustworthiness of their organization, and 82% said roles in IT strategy/governance help strengthen digital trust. However, only 24% have a complete understanding of digital trust. In the coming five years, 85% say digital trust will be more or much more important than it is today but 57% of organisations still do not provide training in digital trust.

Digital trust is the bedrock of business relationships, and is critical for strategic digital transformation,” said David Samuelson, chief executive officer, ISACA. “Innovation, market leadership and financial performance rely heavily on trust that must be earned every day.”

Organisations with low levels of digital trust suffer from many consequences, according to India respondents—with the top five being 1) loss of customers, 2) more cybersecurity incidents, 3) more privacy breaches, 4) reputation deduction, and 5) having less reliable data on which to make decisions. Survey findings show that analytics and metrics are highly valued, with, 82% indicating that it is very or extremely important to measure it, and 46% saying their organization measures the maturity of its digital trust practises; however, 31% are unsure if their organization currently measures its digital trust maturity.

Obstacles: According to 194 survey respondents in India, the most significant obstacles to digital trust are lack of staff skills and training (56%), lack of leadership buy-in (49%), lack of alignment of digital trust and enterprise goals (49%),