Trust is essential in various veins of life. Without trust, there is no comfort, security, or stability. Therefore, it is essential to have trust in cyber security to ensure comfort and stability in technology and in each other. One must trust in their programs and in their provider.
“Digital trust is the expectation by individuals that digital technologies and services – and the organizations providing them – will protect all stakeholders’ interests and uphold societal expectations and values.” (World Economic Forum).
Providers must uphold this expectation by ensuring secure and efficient service. Without digital trust, customers would not be able to justify continuing to receive services from that provider.
“‘Organizations are focusing on security and privacy, but if your customers don’t trust you, they will go elsewhere,’ says Mark Thomas president of Escoute Consulting, which specializes in compliance. This view is borne out in a 2022 DigiCert digital trust survey that found 84% of customers would consider switching if they lost trust in a company.” (CSO).
Not only are people and companies losing trust in providers, but they are also losing trust in technology and security as a whole. Science is reliant on technology and technology is reliant on science. Without digital trust, cyber security is in danger as an industry.
“Failures related to digital technologies, from artificial intelligence to connected devices, from the security of personal information to algorithmic predictions, have eroded confidence at an unprecedented scale and rate. Surveys have also registered a decrease in trust in science and technology – a trust gap that is growing year on year, just as reliance on digital networks and technologies is accelerating.” (World Economic Forum).
There are many reasons that distrust is growing. Therefore, there are different aspects of trust that different companies need to address.
“For every move forward, organizations face their own set of obstacles. When it comes to obstacles to attaining digital trust, lack of skills and training is cited by 52% of respondents, above lack of leadership buy-in and alignment with enterprise goals (both 42%), lack of budget (41%), and lack of technological resources and digital trust not being a priority (both 38%).” (CSO).
The World Economic Forum created a framework to combat this progression of distrust.
“To reverse this alarming trend, the World Economic Forum convened representatives of the world’s largest tech and consumer-focused companies alongside government representatives and leading consumer advocates to create a framework for companies to commit to earning digital trust.” (World Economic Forum).
Companies could use this resource to address their own issues with digital trust.
“The Forum’s report provides both a framework and a roadmap for how to become more trustworthy in the use and development of technology.” (World Economic Forum).
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Sources:
CSO. https://www.csoonline.com/article/3696241/security-breaches-push-digital-trust-to-the-fore.html
World Economic Forum. https://initiatives.weforum.org/digital-trust/about
