Here's why building digital trust is critical for business growth

In Singapore’s quest to be recognised as a global digital hub and as companies here continue to embrace the developments that the digital age brings, the issue of trust becomes imperative.

The question today is how many companies trust that their suppliers will protect their information? How many business leaders trust that their digital systems will work when required, and will produce the right data to make the right business decisions? How many Singapore residents feel confident that their data is secure with companies they do business with?

It seems, at present, that not a day goes by without an outage or security incident being reported. In February, a hacking spree rendered over 180 websites in Singapore inoperable, late 2013 saw the hacking of local government websites, we have seen several cases of ATM outages and increasing incidents of theft of client information from financial and retail institutions - both locally and globally.

It’s not only computers and mobile phones that are vulnerable. As more devices get connected to the internet and networks – the rise of the “internet of things”, adversaries are finding more platforms through which to launch attacks. Early this year, a security firm in the US discovered that an internet connected refrigerator was part of an attack that sent over 750,000 malicious spam emails.

As the reliance on digital systems grows and becomes a fundamental part of any organisation, it must not fail. Trust means customers will buy products on-line. It means confidence that a company’s data is safe and secure. It means suppliers know systems won’t fail them. It means confidence to propel the business forward by embracing technology and the opportunities it offers. More than ever before, the growth of any organisation depends on this ability to embrace the new trust dynamic.

Growth = opportunity + trust. This is the new equation for the digital age.

What will it take then to be able to compete and be successful in this environment? The following guidelines highlight how to build digital trust the right way.

Trust in your security
Cyber attacks are accelerating at an alarming rate but unfortunately businesses are not keeping pace. The traditional information security model – one that is technology focused, compliance-based, perimeter oriented, and aimed at securing the back-office – does not address the realities of today.

The recent cyber-security incidents have highlighted the need for increased vigilance around technology security controls, especially those that relate to third party service providers. In this hyper-connected environment, individuals and companies must recognise that it’s not a matter of if a breach will occur but when.

Safeguarding all of a company’s digital assets at the highest level is however not always realistic or possible. Companies must develop a robust framework that seeks to understand the critical business systems and where the vulnerabilities are so that threats can be anticipated and managed.

Business leaders should also ensure that suppliers, partners, and other third parties know—and agree to adhere to—the company’s security practices. Cyber-security is no longer just a challenge to be managed by the company’s technology teams; it needs to be viewed as an enterprise risk management issue that needs to be tackled right from top management.

Trust in your systems
Businesses are becoming ever more dependent on digitally integrated systems both for internal operations and for engaging with customers and third parties. Many companies have however invested heavily in upgrading digital assets without an adequate design and control framework. As a result, technology services become increasingly intertwined, increasing the risk of multiple and high impact outages.

To be successful, companies must institute an integrated and holistic approach to designing, deploying, operating and optimising the business systems control environment. Management needs to carry out real-time monitoring and periodic assessment of systems in order to provide sustainable and reliable management of risks.

This will also ensure that when incidents occur, the company is fully prepared and equipped to respond quickly to minimise downtime and disruption to business services.

Trust in your data
The old idiom of “garbage in-garbage out” still holds very true today. Data is the lifeblood of any organisation. It enables businesses to understand how well things are working and decide what to do next. From balance sheets, to sales and expense reports, to customer emails - businesses that produce these documents using a business system need to trust that the information being generated is accurate.

Many business failures can be attributed to poor data management and quality. For companies to be successful then, business leaders must first understand what data they require for decision making and how good it needs to be.

There needs to be clarity about where the data is coming from, how it is being captured, where it is stored, who has access to it and lastly, the ability to analyse the data to produce the desired insights.

Forward looking
To be a leading player in this new expanded digital trust ecosystem, an organisation needs to focus on three key priorities; getting the right attention in the boardroom - being able to ask the right questions and holding management accountable, rethinking the approach to technology risk and develop a business strategy for the digital age – what’s certain is that there is a need for a business strategy for the digital age – not a digital strategy.

All companies today rely on technology; it is the foundation upon which business operates. No organisation can afford a lack of confidence in how their systems operate. If they want to seize the digital opportunities available to them, trust is a critical part of the equation.

Bottom line: Growth = Opportunity + Trust