Digital trust – in a nutshell – is about the ability to protect digital data shared across a vast digital ecosystem.
And with the digital economy becoming the currency of the future, it is time for Namibian businesses to realise that failing to safeguard data could be a costly mistake.
Information, ranging from social media sharing to private account information, exists in a dispersed and intangible environment, where it is at risk of being collated and used against individuals and organisations in very damaging ways.
In an environment where data unlocks services, and where information is shared readily across multiple platforms, the custodians of that data must build digital trust, in order to thrive.
The internet of things (IoT), heterogeneous data models, mobility, cloud solutions, and analytical tools are driving an inexorable proliferation of data. Tremendous value and competitive edges are created through the effective use of data, and businesses across all industries are using it to transform themselves and generate new revenue streams.
Data has become the fuel of the next generation business economy.
A report by McKinsey Global Institute (MGI), titled Digital Globalisation: The New Era of Global Flows, found that the flow of data between countries has brought the world closer together and made us all more productive.
Technology makes it possible to correlate, analyse and draw conclusions from data in ways never seen before. Every industry is looking for ways to monetise the data they uniquely own or can gather. Organisations must monetise data or they will be left behind.
The reality is that, in order for data to fuel and transform businesses, information technology and security are essential to underpin its value creation.
As cyber attacks worldwide increase in frequency and sophistication, an organisation’s ability to utilise its data is as important as its ability to protect it. Businesses experience value through additional or new revenue, lower costs or faster time-to-market. Customers experience value through new or better experiences, greater convenience and lower cost.
But in order for data to flow freely, and for companies to use that data successfully, it must be protected, and the company must be trusted. The more individuals believe that businesses will protect their data and use it for good; the more willing they are to provide it.
The key to success in the digital economy is trust. Lose that trust, and the impact to your business can be crippling. The reality is that cybersecurity is a business-wide issue, as well as an opportunity to build digital trust, which, in the long-term, is good for business.
Confidente. Lifting the Lid. Copyright © 2015