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Trust in the time of disruption

Are organizations putting consumer’s security front and centre of their digital products?

Source | home.kpmg

The economics of trust

Consumers have become more educated about the value of data and cyber risks associated with it. As their awareness increases so does their expectations of trust and digital security. This has resulted in a ‘trust gap’ between consumers and enterprises. For forward-thinking organizations this presents an opportunity to redesign their relationship with their consumers by putting trust at the heart of it.

The Consumer Loss Barometer report is focused on understanding the cybersecurity gap that exists between consumers and organizations. Focusing on where the priorities differ and how leading organizations integrate cybersecurity into their business transformation agendas from the outset. Solving this gap in expectations can help generate consumer trust and propel business growth.

Highlights from the report

  • Value within the organization: The vast majority, 83 percent, of CISO respondents brief the board on at least a quarterly or semi-annual basis demonstrating that executives now rate cyber security threats as a significant risk to organizational growth. But when cyber is omitted from the digital business value chain, a trust ecosystem is not delivered and a significant commercial opportunity is missed.
  • Cloud and connected devices: 75 percent of consumers believe there should be additional security and privacy measures embedded into the design of their connected devices. Conversely, only 35 percent limited the use of sensitive, personal data on their devices and were willing to pay a higher price for more secure devices.
  • Mobile technologies: 75 percent of consumers said they were concerned about theft or misuse of personal information collected by their mobile device and by the apps (78 percent) on their phones. Mobile device makers and network providers can differentiate themselves by building consumer trust in digital channels, not just in the mobile products and services they provide.

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