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Acquiring

Digital Trust

How can leaders make better, more

trustworthy decisions regarding

technology?

"Earning Digital Trust: Decision-making

for Trustworthy Technologies" -

presents an interdisciplinary view of

what digital trust requires and how to

make trustworthy decisions regarding

the development or deployment of new

technologies and digital services. Company Overview Individuals expect digital technologies and services and their providers to respect

all stakeholders' interests and preserve social ideals. Digital technology failures—from artificial intelligence to linked gadgets, from data

security to algorithmic predictions—have undermined faith at an unprecedented

pace. As dependence on digital networks and technologies grows, so does faith in

science and technology, which is decreasing year after year. To stop this dangerous trend, the World Economic Forum assembled leaders of

the world's biggest IT and consumer-focused corporations, government officials,

and prominent consumer advocates to build a framework for companies to

commit to digital trust.

Why Digital Trust is so Important? Beyond mitigating data privacy issues, digital trust leaders are also 2.1 times more likely to mitigate

data retention risks. Having trustworthy data allows companies to use their data wisely to make

informed decisions in response to their present state, the marketplace and current or anticipated

concerns. Faster Innovation

Positive reputation

Unsurprisingly, 66% of respondents said

strong digital trust boosts a company's

reputation. According to McKinsey's

report, 53% of consumers only purchase

44% of respondents said digital trust

accelerates innovation owing to “confidence

in their technology and systems.” Innovation

requires loyal consumers and a clear grasp of

market and consumer demands, which can

from firms that secure client data.

be acquired by employing ethically gathered

According to McKinsey, digital trust

and well-maintained data. Cybersecurity is

leaders are 1.6 times more likely to

achieve 10% sales growth.

important because companies and

consumers need to trust their systems and

data. These elements boost innovation

confidence.

Cybersecurity

Dimensions

Cybersecurity is focused on the security of digital systems – including underlying

data, technologies and processes. Effective cybersecurity mitigates the risk of

unauthorized access and damage to digital processes and systems, ensuring

The aspect of digital trust over which organizational

resiliency. It also ensures the confidentiality, integrity and availability of data and

decision-makers, such as CEOs and senior executives,

systems.

have control and, if applied to a given technology with

a human-centric approach, will promote digital

trustworthiness.

Safety Safety encompasses efforts to prevent harm (e.g.

emotional, physical, psychological) to people or society

from technology uses and data processing.

Transparency Transparency requires honesty and clarity around digital operations and

uses. Enabling visibility into an organization’s digital processes reduces the

information asymmetry between an organization and its stakeholders while

signalling to individuals that the organization intends not only to act in the

individual’s interest but also to make those actions known and

understandable to those inside and outside of the organization.

It starts by understanding what the

initial obstacles are. ISACA’s report

lists the following as the most

How to Build

a Digital

Trust

significant obstacles:

Cybersecurity and data privacy is

the foundation of digital trust.

Digital trust leaders in McKinsey’s

report engage in a number of best

practices related to each of these

categories, including:

Using automated tools to prevent cybersecurity

events, enhance security and/or reduce overhead

Lack of skills and training Lack of alignment with

Having policies for data storage and access Integrating security considerations when

designing new technology

enterprise goals

Thoroughly assessing privacy risks when using

Lack of leadership buy-in

Deploying active defenses against cyber treats

Lack of budget Lack of technological resources

external data Having a incident-response program with regular

testing Implementing endpoint malware-prevention

solutions Having procedures to handle data privacy

breaches

How Does

Digital Trust

Work Public key infrastructure (PKI) digital

certificates support them. PKI is a proven

technology that has been widely

adopted for a variety of use cases and

Public key infrastructure (PKI) digital certificates support

allows organizations to establish and

them. PKI is a proven technology that has been widely

confirm identity, integrity and encryption, to establish a strong level of

trust between people, systems and

things.

adopted for a variety of use cases and allows

organizations to establish and confirm identity, integrity

and encryption, to establish a strong level of trust

between people, systems and things.

When evaluating the creation, implementation, or usage

of digital technologies and services, executives at the

highest levels of an organization should use the

framework as a decision-making guide in order to arrive

at the best course of action. It defines shared goals or

values that inform the concept of digital trust, as well as

dimensions against which the trustworthiness of digital

technologies can be operationalized and evaluated. In

addition, it identifies a set of dimensions against which

the trustworthiness of digital technologies can be

operationalized and evaluated.

Risk and Limitation

Author: Gene Paolo S. Malagad

References Kumar, S. (2022, November 23). Digital trust: Toward a brighter future of the

internet. Security Magazine.

https://www.securitymagazine.com/articles/98655-digital-trust-toward-a-

brighter-future-of-the-internet Sectigo. (n.d.).

https://sectigo.com/resource-library/what-is-pki-public-key-infrastructure

Digital Trust: The Key Driver for Digital Transformation. (2022, October 6). ::

DNA Digital :: https://www.dnadigital.eu/digital-trust-the-key-driver-for-

digital-transformation/ Digital Trust Framework. (n.d.).

https://initiatives.weforum.org/digital-trust/framework Hamilton, H. (2022,

November 29). Digital trust: 5 reasons it matters for your business. Jamf.

https://www.jamf.com/blog/digital-trust-5-reasons-it-matters-for-your-

business/ Building digital trust amid rapid digital transformation. (2022,

December 16). Netscribes. https://www.netscribes.com/building-digital-

trust-amid-rapid-digital-transformation/ Njathi, S. (2021, August 23). Why

Digital Trust Is Essential to Scale Your Business Today. UTU.

https://utu.io/blog/why-digital-trust-is-essential-to-scale-your-business-

today/

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