KPMG releases Cyber trust insights 2022 report

KPMG has unveiled its Cyber trust insights 2022 report, outlining the way in which businesses can build trust with its audience through privacy and cyber security.

In light of the current cyber climate and the role that data plays in a modern business model, the report comes at a time when trust in the tech industry is recovering from an all-time low last year, despite remaining the most trusted sector.

While an increase in data collection and use of technologies such as artificial intelligence are proving beneficial for organisations, these processes are having a detrimental effect on the trust between consumers and businesses.

Surveying 1,881 executives and holding discussions with corporate professionals in the cyber space, KPMG has explored the role that trust plays in business and how good cyber security and privacy practices can achieve this.

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The survey revealed several findings, such as many businesses collecting data at an unprecedented level and issues with AI and machine learning, with 78 per cent agreeing that they bring unique cyber security challenges, issues meeting increasing regulatory standards and the role of the chief information security officer (CISO).

However, it also found that a large percentage (over a third) of organisations “recognise that increased trust leads to improved profitability”.

“Now that we live in a digitised world, every part of the business depends on fairness, integrity and transparency in the way information is collected and processed,” says the report.

“Systems should be resilient, dependable and able to respond quickly in the face of disruption. Whether you are a customer or client who wants to feel safe when transacting with the organisation, or part of the broader ecosystem of partners, investors, regulators and society which surrounds every organisation — digital trust matters.”

KPMG has identified five crucial steps to building trust through cyber security:

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Treat cyber and privacy as a golden thread woven into the business – businesses are better off building their processes on strong security principals rather than as something thought of after the fact.
Build internal alliances – communication and work between roles internally such as the chief data officer and chief privacy officer is key in establishing good privacy practises and increasing trust.
Reimagine the CISO role – the CISO can play a greater role in a wider range of areas such as the ethics of AI and ML, environmental, social and governance and more.
Secure leadership support – driving trust processes will be easier for CISOs with the backing of board members and higher ups. This also plays into the expanding of what the CISO does, communicating with business leaders to improve strategy.
Reach out to the ecosystem – work with partners within the industry to improve security practices and trust.

The full KPMG report can be found here.

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KPMG releases Cyber trust insights 2022 report

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