Story Transcript
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,
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