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

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.