Referring to the scale and depth of the transformation that digital technology has caused to every aspect of our lives is becoming a bit of a cliché. The advance of emerging technology isn’t going to slow down – and with it will come a whole new range of risks. Threats like deepfakes, cyber breaches and Artificial Intelligence bias are damaging public belief that technology is secure and the trust that they place in organisations of every kind.
So, as our interactions with customers (and employees) become increasingly managed through digital channels, how can we avoid an erosion or destruction of that trust caused by the factors above? How can we protect what investors and stakeholders are increasingly referring to as a new form of currency – digital trust? Investing in protecting digital trust is as crucial as protecting any other corporate asset.
The value you place on protecting Digital Trust will be seen as a reflection of the value you place on your customers and clients. Therefore, organisations need to apply a dual approach – first, treating the data that we are trusted with with the upmost respect for privacy, and then encircling it in a ring of steel, so that those who aren’t as trustworthy can’t access it.
Consumers want clarity on how their data will be used (and secured) and are happy to move to a competitor if that trust proves to be misplaced. GDPR is very clear on what data can, and can’t be used for, but rather that just sticking to the rules, trust is built on a wider understanding – the spirit of the relationship.
That spirit must include the following, as a minimum:
Reputational risk aside, the costs of a data breach are significant – in 2020 Virgin Media suffered the “loss” of 900,000 customers data. And while Virgin Media took mitigating steps almost immediately, and were able to confirm that the data didn’t include financial information, they quickly faced a £4.5 billion class action lawsuit, as well as an incalculable loss of business which continues to this day.
Digital trust must be built into the digital building blocks of your organisation – into every transformation, every adoption, and every investment in emerging technology. The risk here is that each development expands the canvas – the surface of risk for both organisations and customers, as more technology features and enhancements are added, more elements become unknown, unmanaged, and untested. AI bias, with its attendant ability to “hurt” us at our most vulnerable points – medical, financial, judicial, insurance decisions – is a classic example of this “known unknown”.
Therefore, organisations need to ensure that digital transformation decisions have trust as one of the key decision points – and ask the question “How does this HELP us deliver on our digital trust commitments?” rather than “How can we mitigate this in our security and privacy approach?”. Enabling or enhancing digital trust should be considered a ‘success factor’ in any digital transformation or technology project.
As I stated earlier, investing in data security training and awareness, as well as making sure that is built into the very DNA of your employee strategy, is key. Both privacy and security breaches of come from within – small slips in procedure that result in huge losses. But while your employees can be the strongest bricks in your defensive wall, it isn’t enough to pick your own friends wisely, you need to make sure that your wider ecosystem is applying the same standards. Placing digital trust at the top of your criteria for the selection of new partners, and new suppliers is essential if you are going to protect your brand, and your customers data.
This brings us back to the final weapon in your armoury – ethics, not just compliance. How you build digital trust is about the value you place on it, and therefore the value you place on your customers. Transparency about the processes you apply, the measures you take, the partnerships you have and the mistakes you make – the consistent application of all of this builds digital trust that will survive emergent technology, new risks and threats, and the occasional (but inevitable) slip.
Chief Technology Officer (CTO)
Chelsea Chamberlin leads Roc’s Solution and Technology strategy, ensuring continual innovation and focussed partnerships which drive outcome based value for our customers. Chelsea’s background includes designing and delivering software and networking solutions within mission critical environments. Outside of work she is a green belt in Kick-boxing and mentor to young women paving careers in tech.