Eliminating the lack of digital trust
With the proliferation of technology, rebuilding digital trust has become very important.
Today’s reliance on digital is under pressure to change in all areas of commerce, work, lifestyle, transportation, education and healthcare. In today’s “extremely connected world”, “digital trust” is very important.
What is “Digital Trust”?
“Digital Trust” can be defined as “social trust in the ability of digital technology and the organizations that provide it to protect the public interest.” Trust in digital technology will become an increasingly important issue for society and governance. In addition, gaining trust in digital technology requires an appropriate security and governance framework and the use of responsible and ethical techniques and data.
Unfortunately, it’s hard to say that the public trusts in the protection of personal data in businesses and governments, and the impact of modern technology on decision-making. According to the World Economic Forum, the lack of trust is real and growing. Challenges include lack of security, ethical flaws, and inadequate transparency.
The World Economic Forum’s Digital Trust Initiative continues to work to form a global consensus on what digital technology is credible and what can be done to improve it. ..
The World Economic Forum also warns that “declining trust due to anxiety about how some organizations use digital technology can undermine the social benefits of digitalization.”
In addition to these World Economic Forum efforts, it is encouraging that regulators have broad views on the need to protect privacy and address the growing threat of cyberattacks. Regulators are also exploring how to regulate completely different worlds such as machine learning, artificial intelligence (AI), and the Metaverse.
In a situation of accelerating innovation and increasing reliance on digital systems, truly effective regulation is a complex balance of social concerns, corporate credit problems, and the role of governments in driving progress. It is considered necessary to take action.
Turn digital challenges into opportunities
The urgent need to eliminate the lack of trust is, from a different perspective, a great opportunity for companies to be proactive in using technology and data. Recognizing this opportunity, companies can move wisely towards solving Digital Trust’s challenges, aiming to demonstrate true accountability and transparency, and linking social awareness and progress to their brand and reputation. I can do it.
Being able to reliably and consistently explain that a company is responsible for collecting data and making data-based decisions will provide a new level of transparency and enhance credibility. Will have a big meaning. It will also increase confidence in digital technologies used in every aspect of our lives, from life-sustaining medical devices to smarter critical infrastructures.
From the perspective of a conscious and active global consumer, an informed and proactive approach is an important differentiator for a company. Leading companies that recognize the value of working to improve the reliability of digital technology can also anticipate issues with regulatory agencies. This means that organizations provide the resources they need to exceed today’s regulatory requirements.
Leverage the power of social dialogue
On the issue of digital trust, it is imperative to promote well-informed social dialogue. We need to achieve constructive dialogue in an open space as soon as possible, but it is by no means easy.
How to meet the challenge of digital trust, who will lead the public debate on digital trust, including consumers, businesses, regulators and governments. Perhaps some of the world’s leading companies are on the path to improving their brands while advocating social responsibility for consumer data protection. In addition, new trust frameworks, certifications and rating services are expected to be developed as governments, consumers and investors demand transparency and credibility in their organizations’ approaches.
The World Economic Forum said:
“Digital trust is essential in a global economy that relies on connectivity, data utilization, and new innovations. To be reliable, technology must be secure and the confidentiality of connected systems. It must be used responsibly, ensuring sex, completeness and availability. “
And to build a new world with safe and reliable digital capabilities, we need the power of everyone in our society.
This article is a translation of “Reversing the digital trust de ficit” published by KPMG International in May 2022. If there is a discrepancy between the translation and the original English text, the original English text shall prevail.