10 opportunities to build digital trust
Credit to Author: ROBERTO C. BASSIG| Date: Thu, 27 Dec 2018 16:16:40 +0000
In an increasingly technologically driven and interconnected business community, companies have the responsibility to take the necessary steps to manage digital risk. Despite the importance of protection against cybersecurity threats, PwC’s Digital Trust Insights survey has found that businesses of all sizes are equally unprepared to address these threats and protect themselves and their customers.
Closer to home and more recently, we’ve witnessed increased focus on cybersecurity and privacy across established industries. This is driven not just by regulatory laws such as the Data Privacy Act of 2012 and similar Bangko Sentral ng Pilipinas (BSP) Circulars (for financial institutions), but primarily by sensational data breaches and race in adopting digital means to grow the business and fend off new competitors that use unconventional approaches in winning customers. This issue has now reached the board agenda and puts tremendous pressure on organizations that were previously laggards in addressing cybersecurity and privacy risks.
Digital Trust Insights is the reimagination of the Global State of Information Security Survey (GSISS), a worldwide study by PwC which, for 20 years, has served as a trusted resource to navigate the turbulent cyber risk landscape. This year’s survey presents the views of 3,000 business leaders across 81 territories and a range of industry sectors.
Among key findings from the report:
• Only 53 percent of businesses practice proactive risk management “fully from the start” of their digital transformations.
• Only a small minority of companies (23 percent) even at the $100-M plus level, say they plan to align security precautions to business objectives.
• Just 27 percent of executives believe their board receives adequate metrics for cyber and privacy risk management.
• Fewer than half of $100-M plus companies in key sectors worldwide say they are fully ready to comply with the General Data Protection Regulation, which went into effect in May 2018.
• Though 81 percent of executives consider Internet of Things critical to their business, only 39 percent are very confident that sufficient “digital trust” controls are built into their adoption.
Confidence in people, processes and technology is critical to building a secure digital world. More than just mitigating risk, companies must thoroughly integrate and align cybersecurity concerns into their business strategy. Companies can gain a competitive advantage by becoming trusted providers in terms of safety, security, reliability, privacy, and data ethics.
Sean Joyce, US cybersecurity and privacy leader, PwC comments:
“The vision of PwC’s Cybersecurity & Privacy practice is to help build trust in a digital, data driven world. Over the years, we’ve seen our clients’ cyber risk priorities evolve from information security to a more holistic focus on digital risk. Our Digital Trust Insights explores how today’s leaders can meet tomorrow’s challenges across digital issues, including cybersecurity, privacy, and data ethics. We believe that those companies that show the connected world how to lead on safety, security, reliability, data privacy, and ethics will be the titans of tomorrow.”
Distilling insights from 3,000 business leaders across 81 territories, the Digital Trust Insights survey breaks down the mechanisms that companies need to build digital trust in an evolving cyber risk landscape – and identifies 10 opportunities to improve security and privacy and build consumer trust.
1) Engage security experts at the start of digital transformations
2) Upgrade your talent and leadership team
3) Raise workforce awareness and accountability
4) Improve communications and engagement with the board of directors
5) Tie security to business goals
6) Build lasting trust around data
7) Boost cyber resilience
8) Know thy enemies
9) Be proactive in compliance
10) Keep pace with innovation
The full report is available at pwc.com/us/digitaltrustinsights
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Roberto C. Bassig is a Consulting Partner as well as Digitization Lead Partner and Risk and Quality Partner for Advisory at PricewaterhouseCoopers Consulting Services Philippines Co. Ltd., a member firm of the PwC network. For more information, please email markets@ph.pwc.com. This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.
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