10 opportunities for businesses to build digital trust

20:42 06/11/2018
In an increasingly technologically-driven and interconnected business community, companies have the responsibility to take the necessary steps to manage digital risk. Despite the importance of protecting against cybersecurity threats, PwC’s Digital Trust Insights survey has found that businesses of all sizes are equally unprepared to address these threats and protect themselves and their customers. 

Digital Trust Insights is the reimagination of the Global State of Information Security® Survey (GSISS), a worldwide study by PwC which for 20 years has served as a trusted resource to navigate the turbulent cyber risk landscape. This year’s survey presents the views of 3,000 business leaders across 81 territories and a range of industry sectors.

Among key findings from the report: only 53% of businesses practice proactive risk management “fully from the start” of their digital transformations;  only a small minority of companies (23%) even at the +$100M level, say they plan to align security precautions to business objectives; just 27% of execs believe their board receives adequate metrics for cyber and privacy risk management.

Illustration photo: Erwin

Fewer than half of +$100M companies in key sectors worldwide say that they are fully ready to comply with the General Data Protection Regulation, which went into effect in May 2018.  Though 81% of executives consider IoT critical to their business, only 39% are very confident that sufficient “digital trust” controls are built into their adoption.

Confidence in people, processes and technology is critical to building a secure digital world. More than just mitigating risk, companies must thoroughly integrate and align cybersecurity concerns into their business strategy. Companies can gain a competitive advantage by becoming trusted providers in terms of safety, security, reliability, privacy, and data ethics.

Sean Joyce, US Cybersecurity and Privacy Leader, PwC comments:  “Cyber risk priorities have evolved from focusing on information security to a more holistic focus on digital risk management. Our Digital Trust Insights explores how leaders can meet tomorrow’s challenges. Companies that show the connected world how to lead on safety, security, reliability, data privacy, and ethics will be the titans of tomorrow.”

Besides, the Digital Trust Insights survey breaks down the mechanisms that companies need to build digital trust in an evolving cyber risk landscape - and identifies 10 opportunities to improve security and privacy and build consumer trust, which are listed below:

Engage security experts at the start of digital transformations; Upgrade your talent and leadership team; Raise workforce awareness and accountability; Improve communications and engagement with the board of directors; Tie security to business goals; Build lasting trust around data; Boost cyber resilience; Know thy enemies; Be proactive in compliance; Keep pace with innovation.

Robert Trong Tran, PwC Vietnam’s Cyber Security and Privacy Lead, emphasizes: ''Amidst the Fourth Industrial Revolution and the trend of digital transformation, the cyber space of Vietnamese organisations is expanding. This has led to rapidly increasing cyber security risks."

"Therefore, Vietnamese organisations need to focus on building a holistic cyber strategy wherein cyber security controls are implemented right at the beginning and throughout the digital transformation process. This would help companies mitigate risks, minimize losses and move forward in their sustainable development'', he said.