Strengthening trust through effective cyber security

In uncertain times, customers, investors and other stakeholders look for companies they can rely on. In today's digitalised world, cyber security and data protection play a key role in building and protecting trust. 

Digital trust is therefore a fundamental building block of corporate success and a competitive advantage in the market.

How can digital trust be created and maintained through cyber security - especially as companies continue to expand data collection and use and increasingly use innovative technologies such as machine learning (ML) and artificial intelligence (AI), as well as increasing cyber security and data protection requirements?

Answers are provided by the report "KPMG Cyber Trust Insights 2022". For this report, 1,881 executives and five corporate leaders of large companies from all over the world were surveyed. Half of the participants come from the Europe/Middle East/Africa region.

The report shows: Investments in data-driven activities are becoming increasingly important for companies. At the same time, 78 percent of the survey participants agree with the statements that the use of ML and AI entails special challenges with regard to cyber security.

Nevertheless, the strategic importance of digital trust through cybersecurity is not yet sufficiently recognised in many companies: 65 percent of respondents state that information security needs are driven more by compliance requirements than by long-term strategic ambitions.

The role of Chief Information Security Officers (CISOs) also needs to be questioned, with as many as a third admitting that the CISO is not seen as an important leader in their company and has less influence than necessary to protect the company and its digital assets. And in less than 20 per cent of the companies surveyed, the CISO team is an integral part of the ESG function.

From this, five essential steps can be derived for strengthening digital trust through cyber security. These five steps are described in "KPMG Cyber Trust Insights 2022":

1. set cybersecurity and data protection as guiding principles of corporate culture, processes and governance
2. form internal alliances
3. redefine the role of the CISO - with a broader scope, from AI ethics to ESG.
4. ensure leadership support for investment in trust
5. work with key partners in the ecosystem to strengthen trust.

Details of the survey results and action steps can be found in „KPMG Cyber Trust Insights 2022”. Download the publication now (PDF in German).