A pragmatic guide to launching your digital trust journey
Organizations that demonstrate high levels of digital trust have become the preferred choice for customers. Digital trust is essential for businesses to thrive in a fast-paced market, with a focus on addressing cybersecurity, data privacy, responsible artificial intelligence (AI), and information risk management.
A 2023 ISACA survey reveals that 84 percent of digital trust professionals said they felt digital trust was extremely or very important to organizations today. Eighty-two percent said it will be even more important in five years.1
However, the complex and dynamic nature of digital trust presents significant challenges for most enterprises. It is vital for organizations to recognize and bridge the growing trust gap between the public and themselves, as emphasized in a World Economic Forum report in partnership with KPMG.2
Regulatory bodies at the local, state, national, and global levels are taking a more active role in regulating the usage of modern technology and generating greater checks and balances, adding to the already complex regulatory landscape.
The lack of digital trust programs can undermine brand reputation, customer loyalty, business relationships, and profitability. As per the KPMG International 2022 cyber report, Mission: Trust. How To Unlock the True Value of the CISO, concerns over data protection can significantly undermine stakeholder trust in businesses.3
This, in turn, can lead to challenges in closing deals efficiently and meeting stakeholder demands for increased transparency and proper governance.
Digital trust is the expectation by individuals that digital technologies and services—and the organizations providing them—will protect all stakeholders’ interests and uphold societal expectations and values. It describes a digital ecosystem that enables all stakeholders to experience safe and secure interactions.
The following pillars support and help organizations earn digital trust:
Digital trust is the expectation by individuals that digital technologies and services—and the organizations providing them—will protect all stakeholders’ interests and uphold societal expectations and values. It describes a digital ecosystem that enables all stakeholders to experience safe and secure interactions.
The development of a digital trust framework encompasses four key areas:
At KPMG, we understand how you feel about the opportunities and challenges of your digital trust journey because we've met them in our own transformation. We know firsthand the importance of creating and retaining stakeholder trust. Our business depends on it.
Meeting you wherever you are on the journey, we combine deep business, industry, and technical knowledge to bake risk and regulatory discipline into your digital transformation. As the ultimate business enabler, trust is your ticket to responsible growth, bold innovation, confident decision-making, and sustainable advances in performance.
We provide a multidisciplinary view of risk, helping you to chart your digital trust journey in alignment with your business goals, regulatory requirements, and customer expectations.
Does your technology drive stakeholder trust?
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