As organisations 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 require corporate leaders to take digital trust seriously.
Building and protecting trust is integral to how businesses 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 organisations, building internal alliances, evolving the role of the CISO, securing leadership support, and collaborating with other partners in the corporate ecosystem is key to increased trust.
Trust comes with improved profitability – according to more than a third of respondents – better customer retention and stronger commercial relationships. Innovation, talent retention and an increased market share are also possible if organisations recognise that digital trust matters.
“Each digital initiative an organisation embarks on presents new risks as well as new opportunities. If organisations don’t manage those risks well, the trust that has taken years to build can be destroyed in a nano-second,” says Philip Whitmore, New Zealand Cyber Security Partner, KPMG.
“It is pleasing to see that New Zealand executives acknowledge these risks, and furthermore, that 77% of New Zealand Executives see cyber security as a strategic function. But we still need to mature our cyber security practices. Too often the immature cyber security practices of New Zealand organisations are undermining all the good things we do.”
Digital transformation is underway across every industry, with businesses overhauling their technology.
According to KPMG’s Global Tech Report, 61% of businesses expect to embrace disruptive new tech platforms within two years and say they will increasingly ramp up their digital investments over the next three years.
KPMG’s research and perspective outline that for these new emerging technologies to be adopted successfully, businesses must be able to instil trust.
Over 80% of executives understand the importance of improving cybersecurity and data protection to secure stakeholder trust. They are looking to their CISOs to be a champion of digital trust.
CISOs know what is at stake, and although many have the confidence of their employers, others do not have the mandate to fulfil their objectives in building stakeholder trust. Almost two-thirds of respondents (65%) say their organisations see that information security as a risk-reduction activity rather than a business enabler. And 57% say that senior leaders do not understand the possible competitive benefits due to enhanced trust that is enabled by better information security.
“CISOs understand their responsibilities, but outside of the large public sector agencies and large banks, rarely do New Zealand organisations have a CISO, even on a part time basis. Where there is a CISO, our research shows that many are struggling to fulfil the responsibilities. This could be because the organisation they are in lacks a clear vision of what digital trust really means and the difference it can make,” says Whitmore.
“CISOs are optimally placed to help their organisations navigate these challenging waters but the role of the CISO needs to evolve. CISOs need stronger support from senior leaders. They need to be empowered to deliver change, collaborate with the wider ecosystem, and build internal alliances – the CISO is key to building digital trust.”