76% of professionals believe digital trust is relevant to their organisations, yet gaps in strategies persist

As organizations pursue digital transformation, prioritizing digital trust becomes essential to achieving their goals and preparing for future market opportunities, legislation, and regulatory compliance. New research from ISACA, a leading global professional association, reveals significant gaps in organizational strategies regarding digital trust.

1. Importance of Digital Trust

   • The ISACA State of Digital Trust 2024 report shows that 77% of respondents agree digital trust is crucial to digital transformation.
   • 82% believe digital trust will grow in importance over the next five years.

2. Current Gaps in Digital Trust Strategies

   • Despite recognizing its importance, 71% of organizations provide no staff training on digital trust.
   • Only 21% of organizations plan to increase their budget for digital trust initiatives.
   • Most business and IT professionals (76%) see digital trust as relevant, and 65% advocate for independent grading of digital trust practices with public results.

3. Challenges and Obstacles

   • Three-quarters (75%) of respondents are unsure or unaware of what improving digital trust requires in practice.
   • 77% report that their organizations do not measure the maturity of their digital trust practices or are unsure if they do.
   • Key obstacles include lack of staff skills and training (50%), lack of leadership buy-in (42%), and insufficient processes and governance practices (32%).

4. Consequences of Low Digital Trust

   • Organizations with low digital trust risk reputation decline (64%), more cybersecurity incidents (58%), more privacy breaches (57%), and customer loss (54%).
   • 39% of organizations are experiencing more cyberattacks, and 15% are suffering more privacy breaches compared to a year ago.

5. The Role of Frameworks and Tools

   • Only 15% of organizations currently use a framework for digital trust practices, but 46% believe it is extremely/very important to have one.
   • ISACA’s Digital Trust Ecosystem Framework (DTEF) provides a comprehensive resource with indicators and controls for building digital trust.
   • Benefits of using a framework include saving time and effort, enabling benchmarking, and providing added credibility for budget and staff requests.

6. Recommendations for Improving Digital Trust

   • Measuring current levels of digital trust to establish a benchmark and create a maturity plan.
   • Implementing digital trust practices across all departments for holistic improvement.
   • Partnering with trusted advisors to provide frameworks and training for digital trust.

The ISACA State of Digital Trust 2024 report underscores the urgent need for organizations to prioritize digital trust. By addressing gaps in training, budgeting, and strategic planning, and leveraging frameworks like ISACA’s DTEF, organizations can enhance their security credentials, build consumer trust, and ensure long-term success in the digital era.