Do you feel confident that your data is secure?
Me neither. And the statistics are here to back it up – nearly 1 in 8 people in the world have had their personal data leaked onto the dark web.
The sentiment is widespread – according to a study by ISACA, only 23% of UK consumers feel confident that businesses can safely secure their personal identifiable information, while 84% of businesses acknowledge the importance of digital trust.
So where's the gap?
The answer is in know-how – as technologies have continued to develop rapidly, and as businesses embark on digitisation en masse, we're left with a gaping hole of knowledge to protect businesses and data from cybercrime.
This is an uphill battle that ISACA, a global association supporting organisations and individuals in the pursuit of increasing their digital trust, is tackling. On October 19-21 in Rome, Italy, they'll be hosting a conference with practical sessions on appreciating, recognising, and fortifying your organisation from digital risk.
Increasing digital risk in an increasingly digital society
In 1970, what's considered to be the world's first computer virus, called Creeper, was launched into existence. It was an experimental program that would copy itself onto different systems and display a message “I'm the creeper, catch me if you can!” In response to this, another program, called “Reaper”, was created to find and delete the Creeper virus.
Ever since, computer viruses and data breaches have been on the rise, and most often with significantly more malicious intentions. The risk of data breaches has grown in significance as the world embarks on a near-universal path of digitisation.
The digitisation of services brings along with it opportunities. So much so that the European Commission has declared the 2020s the “Digital Decade”, with dedicated measures and goals to increase the rate of technological adoption among its member countries. And while tech-savvy readers may find this self-evident, not all of society is on the same page. For example, in 2020, only 63% of EU firms had implemented at least one digital technology, compared to 73% in the United States. In a global context, we're lagging behind.
A common reason for the relatively slow adoption of digital technologies is the exposure to risk that comes along with it. More than 80% of firms say they have been hacked, and 66% have experienced a cyber attack in the past 12 months. The kicker is – only 14% of organizations feel prepared to defend themselves.
Building a digital future
The key to successfully developing a digital future is to establish trust between consumers as well as businesses and organisations that are collecting and storing consumers' data.
Businesses understand the significance of digital trust, yet progress is being held back due to a plethora of reasons. According to ISACA, the reasons range from lack of skills, training and technological resources, to lack of alignment with business goals, leadership buy-in, and budget.
“Digital trust must be backed by every corner of an organisation. Every department needs to embed policies into their activity and determine how they can promote digital trust among both customers and employees. Those organisations that keep digital trust front of mind are far more likely to see their business go from strength to strength and quickly see the value of their investments,” comments Rolf Von Roessing, ISACA evangelist.
76% of the more than 2,700 respondents acknowledge that digital trust is a prerequisite for the digital transformation, and 29% of surveyed organisations say that there will be a dedicated role to this in 5 years' time.
As the magic 8 ball would say, the outlook is good. Not that you need a fortune teller to be able to interpret this data.
A forum to build skills and increase digital trust
The first-known computer virus was launched in 1970, and ISACA has been around for 50+ years. It's no coincidence.
ISACA's role in levelling up digital trust is ramping up to be more important than ever, and it's delivering on its promise. This month, they're putting together a conference packed with practicality to support organisations in developing the know-how to improve their digital trust through managing digital risk.
With sessions called things like “Cyber Supply Chain Risk Management: The Essentials”, and “Taming Uncertainty in Decision-Making Through the Quantitative Bowtie-Based Risk Analysis”, the event promises to be more hands-on than most.
There's still time to get your tickets to ISACA Conference Europe 2022, which will be held in Rome, Italy, from October 19-21, as well as online for those looking to join virtually. You can register here and join me in marvelling at the topic and anticipating the opening keynote – “The Joy of Data”.