ISACA (Information Systems Audit and Control Association), an Illinois-based global community of digital trust professionals, has pointed out mismatches between what Indian businesses are doing now and what they should be doing to build leadership and win customers’ trust in a digital marketplace.
ISACA’s State of Digital Trust 2022 Report, prepared based on responses from around 200 individuals and enterprises in India, revealed that the 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%).
In the coming five years, 85% said, the digital trust requirement would be more critical than what it is today, but 57% of organisations still do not provide training in digital trust, as per the report released on Thursday.
Digital trust, the confidence in the integrity of relationships, interactions and transactions among providers and consumers within an associated digital ecosystem, is a driving factor in consumer decisions and enterprise resilience in a digital-dominated environment, as per ISACA.
Some 53% of respondents said they were very confident and 24% completely confident about the digital trustworthiness of their organisation, while 82% opined companies should strengthen 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,’‘ he added speaking at a virtual media conference.
According to ISACA study, organisations with low levels of digital trust suffer from loss of customers, increased risk to cybersecurity, more privacy breaches, reputation deduction, and having less reliable data on which to make decisions.
The study also found the following as benefits of digital trust: positive reputation (70%), stronger customer loyalty (61%), more reliable data on which to make decisions (58%), fewer cybersecurity incidents(55%), fewer privacy breaches (53%), better ability to innovate faster (51%) and higher revenue (35%).