welcome back to the Cognixia podcast. What is digital trust. According to the World Economic Forum, digital trust is an individual’s expectation that digital technologies and services, as well as the organizations that provide them, would protect the interests of the stakeholders, and do their bit to uphold societal expectations & values. Now, we agree, that that is a very heavy definition. Let us try to break it down and simplify it a little bit. According to TechTarget, digital trust is the confidence the users have in the ability of the people, technologies, and processes to create a secure digital world. Now that’s much simpler and easier to comprehend, isn’t it? So, by extension, when an individual or a business decides to use another individual or business’ digital products or services, they confirm that they have digital trust in the business.
Why is it important for businesses? Well, the more digital trust a business receives, the more users it is likely to gain, and the more robust would be its top-line numbers. We all understand the importance of online data security at the current time. Protecting digital privacy and safeguarding the users as well as the businesses against cybercrime is indispensable. This necessitates state-of-the-art trust technology that can keep everyone safe and ensure that the valuable digital trust does not break.
According to a recent report by the IDC, with digital trust emerging as a paramount concern for organizations and consumers, business leaders and technology suppliers must expand their understanding of trust and its importance to success in the new digital economy. Customers increasingly want to know the companies that they are doing business with or whose products and services they are using, are authentic and worth the trust they are putting in them. Businesses also need to constantly be on their toes to demonstrate their digital trustworthiness and authenticity in business, and one of the most important means to do that is by relying on the best-in-class digital trust technologies.
