Five worthy reads is a regular column on five noteworthy items we’ve discovered while researching trending and timeless topics. This week, we explore why digital trust is a key factor for organizations today.
How many times have you been asked to share your personal information? I’m sure you haven’t really kept count. When you visit a site, download an app, or shop for groceries, there’s often a set of questions for you to answer. But providing sensitive information is always a risk, even with trusted organizations that promise to keep our information safe and our identity protected.
With countless data breaches making headlines, consumers have become increasingly concerned about their identity and privacy as well as about the safety of the information they share. And this concern isn’t unwarranted.
According to a study by Juniper Research, cybercriminals will steal an estimated 146 billion records by 2023. With so much consumer data stored across organizations, a data breach can expose millions of consumers’ personal information. It can even lead to identity theft.
Data privacy is important to consumers, and organizations are realizing that consumers want to know that the data they provide the company will be protected. Organizations need to adopt a proactive stance on security, such as narrowing policies for sharing user data, implementing continuous user authentication technologies, ensuring proper governance, and adopting better cybersecurity and privacy controls to stop hackers.
With that said, here are five interesting reads on how and why organizations should focus on building digital trust.
As data breaches become increasingly more common, it’s changing the way management looks at security. Digital trust can be a valuable commodity for companies that earn it, and the Chief Security Officer should play a key role in building this trust.
To earn digital trust, leaders have to eliminate anything that jeopardizes it. Companies looking to safeguard their customer data supply should take measures to establish proper governance, deliver customer commitments, and give customers full control over their data.
Over the past decade, businesses have built marketing technology stacks to collect and organize data with the hope of more effectively targeting consumers. However, consumers only want some of their data used and only in a way that they’re comfortable with. Moreover, this transparency, consent, and trust are key to forming a long-lasting and trusted brand.
Many businesses have lost much of their market value due to the loss of digital trust in the eyes of their customers. Companies that show the connected world how to lead in safety, security, reliability, privacy, and data ethics will be the titans of tomorrow.
In an age where high-profile companies are susceptible to cyberattacks, protecting your customers’ information is vital. A bit of cautiousness and reasonable skepticism can help your organization gain its customer’s trust.
In light of all this, understanding what drives digital trust is of paramount importance to business leaders, as strong digital trust can translate into higher revenue streams.