The effects of a cyber-attack are well-known. This includes potential business disruption, leaked confidential data, and potentially lost revenue. However, an often-underestimated side-effect of a cyber-attack is reputational damage. The aforementioned describes the impact on a business’s esteem or regard by stakeholders and the public following a cyber incident. This sort of thing can lead to customers feeling less comfortable leaving their information in the hands of a company that seems to lack the IT infrastructure to protect it.
“In the age of digital transformation, trust is an elusive asset, but one that is never out of reach for organisations,” says Deloitte. This is especially important if companies adopt a sustainable and forward-looking cybersecurity strategy.
According to TechTarget, digital trust is “the confidence users have in the ability of people, technology and processes to create a secure digital world”. Companies who have shown that they prioritise security and value their customers’ privacy are given this trust. It is a critically important element of professional relationships. Including those businesses have with their customers, employees, suppliers and any other stakeholders.
Below, we unpack Deloitte’s advice for developing a strategy that builds digital trust.
Reduce complexity, transform securely
More information means more complexity, which can hinder proper cybersecurity. If you want to build digital trust, you need to develop standards and methods to reduce complexity. Remember that new technologies open you up to new means of attack. To transform your business safely, you need to find technologies that meet your specific business requirements. Additionally, these technologies must be built and maintained with the current threat landscape in mind.
New security responsibilities
Regulations like the Protection of Personal Information Act (POPIA) and the General Data Protection Regulation (GDPR) now shift the security burden from single actors to multiple internal and external stakeholders who were not traditionally responsible or accountable for security in the past. Today, establishing digital trust demands that you set up governance frameworks and policies so that everyone understands the value of, and is accountable for, cybersecurity.
Keep data top of mind
Data importance acknowledgement is crucial in all cybersecurity strategies. We use many different digital services that generate and store information sensitive to you and your company. Ensuring trust when your customers use digital services is pivotal. It allows data management in the same way it would be in an analogue world.
Digital trust is the confidence users have in the ability of a business to manage cyber security and maintain the confidentiality of sensitive information. Access more content safely and securely by subscribing to our monthly newsletter. Sign up now using the form below.