Digital Trust – Why Is It Important?

We are in the era of digital transition, where only the adaptable will flourish. In order to be digitally fit, you must be digitally trusted by your clients, vendors, and other stakeholders in your business. “If you want to drive a Ferrari really fast, the most important part is the brakes.” Says David David Samuelson, CEO of ISACA (Information Systems Audit & Control Association) – an international IT governance Association. The association that is working on developing the framework for Digital Trust. What is Digital Trust? Users can conduct commercial transactions in a safe, secure, ethical, and trustworthy manner thanks to the concept of digital trust. In a nutshell, digital trust is consumer confidence in the handling, storage, and security of their data.

However, the concept of trust was different in a physical world, and it is more fluid and continues to evolve in a digital world. Any successful business, conventional or modern, is built on trust. Building trust is a prerequisite for all interactions and transactions, whether they be social, business-related, or personal. With the arrival of digital disruption, the boundaries between the digital and physical worlds begin to melt, and the contextual definition of trust evolves in tandem.

Both users and the providers of digital services use digital trust. People use digital trust when looking for a service or product. Customers are more likely to use a trusted company than an unreliable one. To adapt themselves digitally and inspire more consumer confidence in security, safety, privacy, and reliability, businesses strive to win consumers’ trust in the digital world. According to a recent McKinsey survey, businesses must build consumer trust in the AI, digital technologies, and data-driven goods and experiences they offer in order to satisfy consumer expectations and spur corporate growth. Take an example of Amazon, It has  created value over the years and built trust. Amazon had to constantly change to advance from its start in 1994 as an e-commerce pioneer selling books and CDs online. Also, it rose to the top of the cloud services industry and was quite successful there. Annual revenues and margins for Amazon Web Services (AWS) are in excess. With its trusted and secure solutions, customers can rely on its services. Same applies with Microsoft, Google and other technology giants.

Authentication (identities), Integrity (of information) and Encryption (Data Protection) are the key requirements to ensure digital trust. Cybersecurity is an enabler of Digital trust and a proactive cybersecurity approach can play a crucial role in cultivating digital trust.

In the age of digital transformation, it is essential for businesses to make significant investments in building and maintaining digital trust. It is possible for businesses to build strong cybersecurity procedures and strategies that protect the privacy and personal information of their consumers.