We are today in a digital economy where all transactions happen digitally observed Bahaa Al Zubaidi. With millions of transactions taking place every day, cybersecurity plays an important role. If a customer has to carry out a transaction, then they need to trust the business or website offering the transaction. Cybersecurity is directly correlated to digital trust.

Cybersecurity and Digital Trust

A study by Edelman showed that the trust of customers in tech sector has come down from 77% to 68% over a period of 9 years. The loss of digital trust is mainly due to cybersecurity issues.

Digital trust refers to what people feel about a business or a digital transaction. A user needs to have trust in a business before carrying out digital transactions. The trust would come based on the way their data is handled by the business. A few issues related to digital trust include security, privacy, integrity, reliability, and transparency.

How it matters?

Digital trust is very important in the digital economy. Establishing digital trust is vital since it can help customers feel reassured about a business. Here are some factors that affect the digital trust:

  • A user would carry out a digital transaction with a business if they are confident that the company’s infrastructure is reliable. The customer should trust the platform’s ability to carry out the transaction securely.
  • The reputation of the business also matters. A business that has a good brand reputation will be trusted by customers.
  • Users need to have confidence that their data privacy is ensured. Businesses need to follow transparent systems to convince users regarding this aspect.
  • Businesses need to implement the best security systems to protect their data. They need to let users know how their data would be protected against cybercriminals and other security threats.
  • Digital trust is also related to compliance. Legal and regulatory requirements for security need to be followed. Compliance with such norms helps customers trust a business.

How to do it? 

  • Ensure security measures are given importance. Best practices on cybersecurity need to be followed.
  • The privacy of customer data should be given paramount priority. Customers should be informed of privacy policies.
  • Data integrity should be ensured at the time of transactions.
  • Reliability of the system in terms of minimal downtime and service disruption must be ensured.

Conclusion

Digital trust is vital in the digital economy since it helps customers trust a business. This trust can be built by following the best security practices and being transparent about data security & privacy issues. When every business focuses on digital trust, then the digital economy can flourish.

Thank you for your interest in Bahaa Al Zubaidi blogs. For more information, please reach out to www.bahaaalzubaidi.com