Digital trust matters as cybersecurity and privacy expectations increase

• Over 80 percent surveyed understand the importance of improving cybersecurity and data protection to securing stakeholder trust
• Almost two-thirds of respondents believe information security is seen by their organizations as a risk-reduction activity, rather than a business enabler
• More than half surveyed say senior leaders do not understand the competitive benefits of enhanced trust that is enabled by better information security 

As organizations place advanced data and sophisticated analytics at the heart of their operations and reshape customer experiences with innovative digital services, new cybersecurity and privacy challenges are emerging that are requiring corporate leaders to take digital trust seriously.

Building and protecting trust is now integral to how businesses operate and interact with stakeholders. KPMG’s 2022 ‘Cyber Trust Insights’ report has surveyed 1,881 executives to outline five key steps to building trust through cybersecurity and privacy:

·       Weaving cybersecurity and privacy into the fabric of the organization

·       Building internal alliances

·       Evolving the role of the CISO

·       Securing the support of leadership

·       Collaborating with other partners in the corporate ecosystem are key to increased trust.

And with that trust comes improved profitability – according to more than a third of respondents – along with better customer retention and stronger commercial relationships. Innovation, talent retention and an increased market share are also possible if organizations recognize that digital trust matters.

Digital transformation is well underway across every industry, with businesses overhauling their technology. Data from KPMG’s Global Tech Report, launched earlier this year, revealed 61 percent of businesses expect to embrace disruptive new tech platforms within two years and, over the next three years, say they will increasingly ramp up their digital investments. KPMG’s research and perspective outlines that for these new emerging technologies to be adopted successfully, businesses must be able to instill trust.

The Cyber Trust Insight report found over 80 percent of executives understand the importance of improving cybersecurity and data protection to securing stakeholder trust. They are also looking to their CISOs to be a champion of digital trust.

CISOs themselves know what is at stake and although many have the confidence of their employers, others do not have a mandate to fulfill their objectives in building stakeholder trust. Almost two-thirds of respondents (65 percent) say that information security is seen by their organizations as a risk-reduction activity, rather than a business enabler. And 57 percent say that senior leaders do not understand the competitive benefits that are possible due to enhanced trust that is enabled by better information security.

CISOs understand their responsibilities but the research shows that many are struggling to fulfill them. This could be because the organization they are in lacks a clear vision of what digital trust really means and the difference it can make. 

Brian O’Neill
Senior Manager, Global External Communications, KPMG International 
T: +44 7823 668 689 
brian.oneill@kpmg.co.uk

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