How boards can enable trust, security and compliance in the digital enterprise: all you need to know

Johanna Winqvist

Johanna Winqvist

Microsoft, Modern Workplace

Read Time, 3 min.

In a world where data and technology and are dramatically reshaping business models, trust is more than ever determining companies’ success. However, many Board members and leaders are only just starting to recognize it – and often lack a clear strategy to enable it.

Commissioned by Microsoft and developed by EY, our eBook is all about addressing these challenges. Titled How boards can enable trust, security and compliance in the digital enterprise, it’s here to help you navigate the trust agenda. We’ve packed it with insights, expert advice and case studies. All to help you drive business value with your cybersecurity, compliance and data privacy strategies.

Below, we look at why boards and leadership members should focus more on trust.

Digital transformation and remote work security are bringing new pressures

The past two years have seen a sharp increase in tech investment all around the world, jointly driven by new hybrid working habits and a strive for greater customer engagement.

Indeed, a recent survey has found that 69% of responding companies have accelerated their digital business initiatives after the pandemic.

This is helping many organizations to drive efficiencies, but it’s also exposing them to new and additional threats.

In 2020, cybercrime cost the global economy some $945b. That’s why it’s estimated that more that 50% of all technology spending will be used for digital transformation by 2024.

Country and sector differences exacerbate the problem

Adding to these trends, we see increasingly large discrepancies arising at both a country- and industry-level with regards to trust and compliance.

Different countries seem to have varying levels of regulatory maturity, which is leaving some companies more exposed than others.  Organizations’ different approaches to GDPR regulations is a prime example. While Western companies are constantly evolving to address it, other regions currently have less stringent requirements – bringing further compliance and security threats.

Countries also differ when it comes to perceived confidence in cybersecurity measures. A recent survey has found 59% of Swiss and only 20% of Italian cybersecurity experts feel confident in their risk mitigation and security strategies.

A paradigm shift is required

Figures show that even among boards with highly effective risk management capabilities, only 23% of board time is usually reserved to discussing atypical and emerging risks.

As more pressures and challenges arise, leaders must embed trust into their stakeholder ecosystem, and incorporate it in all aspects of the business. Key to achieving this will be placing more confidence in CISOs, and better involve them in the creation of risk mitigation measures.

Looking ahead, investment in privacy, security and compliance technologies – as well as the adoption of a zero-trust and trust by design approach – will play a crucial role in attracting and retaining customers, building further relationships and driving value.

Five steps Board members can take to embed trust in their business

Embracing trust is often easier than you imagine. In our report, we’ve outlined five key steps Board members and leaders can take to implement trust strategies. From assuring commitment to adopting the relevant tools, they’re the perfect way to get started – and ultimately set your organization up for success.

Drive new value for your business. With trust at the heart. Download our report for free.

Explore trends, advice and insights on the importance of trust, security and compliance at your organization – and how to embrace.

Discover more related articles per industry:

Education

Government

Healthcare

  • A smiling man wearing glasses looking at the camera

    HUS: sharing data securely to make life-saving decisions

    Illnesses and diseases don’t often play fair – an unfortunate truth that was proved by the COVID-19 outbreak in early 2020, heavily hitting healthcare organizations with challenges the world hadn’t seen in a century. Hospitals needed a rapid response to reduce spreading the virus without affecting patient care. A high-pressure situation for any institution, but […]

  • a woman standing in front of a screen

    Istituto Neurologico Carlo Besta: providing essential patient care from a distance

    “Telehealth was a technology we’d been planning to implement for a couple of years. But then almost overnight everything changed – it became a must-have platform the hospital needed today.” Francesca De Giorgi, CIO of Italian research hospital IRCCS Carlo Besta, reflects on the recent challenges her team faced when social distancing measures imposed by […]

Manufacturing

Retail

  • Picture from the back of a person attending a Teams meeting with 2 colleagues, discussing about a furniture fabric.

    Zuiver: Supporting both business and culture through technology

    “Since moving to the cloud, there are no limitations anymore. And I’m certain without this technology, we would not have seen the growth we have today.” Jaap Landsaat, CFO and Head of IT at Dutch furniture designer Zuiver, is talking about the profound impact technology has had on the business he co-founded more than 20 years ago. “Back then, we had 100 orders a week […]

  • HeadBrands is ready for the future with Microsoft 365 Business

    HeadBrands is ready for the future with Microsoft 365 Business

    Since its creation in 2010, HeadBrands has continued to grow, rapidly becoming the leading retailer of hairdressing products in Scandinavia. HeadBrands needed a modern IT solution to increase its business productivity and improve collaboration, both within the company and externally. Its response to this challenge was to replace most of its previous services with Microsoft […]

Discover more related articles per dossier:

Customer Stories

  • A smiling man wearing glasses looking at the camera

    HUS: sharing data securely to make life-saving decisions

    Illnesses and diseases don’t often play fair – an unfortunate truth that was proved by the COVID-19 outbreak in early 2020, heavily hitting healthcare organizations with challenges the world hadn’t seen in a century. Hospitals needed a rapid response to reduce spreading the virus without affecting patient care. A high-pressure situation for any institution, but […]

Digital Transformation

Security & Privacy

  • SMB employee working remotely from an airport

    Don’t let IT get in the way of your growth

    Today’s small businesses face enough challenges without IT being a barrier to their success. But how do you make sure your system is a help and not a hindrance? As consumers, we demand seamless connectivity to give us whatever we need, wherever we need it. It is an attitude that most of us take into the workplace. We expect to use tools intuitively and expand our knowledge with the minimum of effort. So, if you […]

Tips