More than half of organisations (55%) believe it is extremely or very important to have a digital trust framework. That’s according to upcoming State of Digital Trust research from global IS/IT association, ISACA.
Digital trust is defined as the confidence in the integrity of the relationships, interactions and transactions within an associated digital ecosystem. An early look at ISACA’s research, which explores attitudes of digital trust, uncovers the benefits of digital trust including: an enhanced positive reputation (71%), more reliable data for decision-making (60%), and fewer privacy breaches (60%) and fewer cybersecurity incidents (59%), and stronger customer loyalty (56%).
ISACA is meeting these needs by launching a Digital Trust Ecosystem Framework (DTEF) designed to help businesses focus on trust by securely leveraging technology, increasing collaboration, reducing reaction times to unforeseen events, focusing on brand management and improving financial performance through enhanced trust.
“High levels of digital trust ultimately improve financial performance by lowering the risk of impact of data and cyber breaches and associated regulatory fines,” said Shannon Donahue, ISACA chief content and publishing officer. “Organisations can also see greater gains from responsible digital investments, and the Digital Trust Ecosystem Framework helps with both of these.”
The Digital Trust Ecosystem Framework (DTEF) and portfolio of resources helps organisations understand the practices they can undertake to increase their trustworthiness and reputation by addressing the key components of digital trust: integrity, security, privacy, resilience, quality, reliability and confidence.
Following an earlier beta release that enabled ISACA to include expert input from global practitioners around the globe into the final version, the newly released Digital Trust Ecosystem Framework focuses on the elements of people, process, technology and organisation, drilling down into the domains of culture, human factors, emergence, enabling and support, direct and monitor, and architecture to provide organisations with trust factors, practices, activities and outcomes as part of their digital trust journey. The framework is designed to be compatible with many existing frameworks and best practices, including COBIT, ITIL, GDPR, and numerous ISO and NIST standards.
“Strengthening digital trust is not just a one-time exercise, but a continuous practice of proactive relationship building between enterprises and stakeholders that is both responsible and profitable while also addressing underlying ethical questions,” says Rolf von Roessing, member of the ISACA Digital Trust Working Group and lead developer of the framework, and partner and CEO at FORFA Consulting AG. “Having a framework to guide organisations as they integrate trustworthiness into their technology and business operations ensures that they are covering all ground, minimising risk and maximising impact.”
“In a tech and business landscape that is transforming quicker than ever, digital trust is a key differentiator in advancing resilience, reputation, and ultimately, organisational success,” says Erik Prusch, ISACA CEO. “Implementing digital trust practices must be intentional, and ISACA is equipping enterprises with transformational tools to build trust with their stakeholders and see positive impact.”
