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Does your technology drive stakeholder trust?

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

Tech drives the business. Does your tech also drive trust?

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.

Understanding 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 following pillars support and help organizations earn digital trust:

  • Security, privacy, and reliability: Organizations protect enterprise data, processes, and technologies to maintain stakeholder confidence in business operations. 
  • Inclusive, ethical, transparent, and responsible use: Organizations take responsibility for the storage, exchange, and treatment of their data and digital tools in alignment with societal principles of fairness, inclusivity, equality, and social responsibility.
  • Accountability and oversight: Effective governance processes are designed to ensure responsibility, regulatory compliance, certification, and trustworthiness in management functions that rely on digital tools.

Building a digital trust framework

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: 

  1. Commit: Digital trust is everyone’s job, starting at the top. Success requires the support, acceptance and participation of employees and other stakeholders throughout the organization.
  2. Identify and address gaps: Organizations must clearly identify areas that require specific, digital trust initiatives. Identify products and services that customers need transparency.
  3. Build and integrate: The development and implementation of an organization’s digital trust capability requires actions in the areas of people, processes, and technology.
  4. Monitor and improve: Once the digital trust framework has been implemented, organizations need to support future improvements and business requirements to maintain digital trust.

KPMG can help you in your digital trust journey

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.

Digital trust is everyone's job.

Footnotes

  1. “State of Digital Trust,” ISACA, May 2023
  2. “Earning Digital Trust: Decision-Making for Trustworthy Technologies, Insight Report,” World Economic Forum, November 2022
  3. “Mission: Trust. How to unlock the true value of the CISO,” KPMG International, 2022.

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Does your technology drive stakeholder trust?

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