KPMG report shows rising expectations for cybersecurity and privacy

The new cybersecurity and privacy that enterprise leaders must take digital trust seriously as organizations put advanced data and advanced analytics at the heart of their operations and reshape the customer experience with innovative digital services. issues are emerging.

Building and protecting trust is integral to how companies interact with stakeholders. KPMG’s 2022 Cyber ​​Trust Insights report surveys 1,881 executives and outlines his five critical steps to building trust through cybersecurity and privacy.

Weaving cybersecurity and privacy into the organization, building internal alliances, evolving the role of the CISO, ensuring leadership support, and working with other partners within the corporate ecosystem are key to increasing trust.

Trust comes with increased profitability, according to more than a third of respondents. It leads to higher customer retention and stronger commercial relationships. Innovation, talent retention, and market share growth are possible when organizations recognize the importance of digital trust.

“Each digital initiative an organization undertakes presents new risks and new opportunities. If an organization does not manage these risks properly, the trust it has taken years to build can crumble in nanoseconds.” there is.”

“We are pleased that New Zealand executives are aware of these risks, and that 77% of New Zealand executives view cybersecurity as a strategic function. However, cybersecurity practices need to mature. Too often, poor cybersecurity practices in New Zealand organizations undermine all the good things we do.”

Digital transformation is underway in every industry and companies are overhauling their technology.

According to KPMG’s Global Tech Report, 61% of businesses expect to adopt disruptive new technology platforms within two years, and say they will increase their digital investments over the next three years.

To successfully adopt these new technologies, companies must be able to instill trust, according to KPMG research and perspectives.

Over 80% of executives understand the importance of improving cybersecurity and data protection to ensure stakeholder trust. They expect CISOs to become advocates for digital trust.

CISOs know what’s at stake and many have earned the trust of their employers, but some don’t have the mandate to reach their goal of building stakeholder trust . Nearly two-thirds (65%) of respondents say their organizations view information security as a risk mitigation activity rather than a business enablement. Fifty-seven percent also said their senior executives don’t understand the competitive benefits of increased trust from improved information security.

“CISOs understand their responsibilities, but outside of large public institutions and large banks, New Zealand organizations rarely have CISOs, even on a part-time basis. In places, our research shows that many struggle to live up to that responsibility, as the organizations to which they belong are more aware of what digital trust really means. , may be due to a lack of a clear vision of the difference it makes,” says Whitmore.

“CISOs are best positioned to help their organizations navigate through these challenging times, but the role of the CISO needs to evolve. CISOs need stronger support from senior leaders. CISOs must be empowered to make a difference, collaborate with the wider ecosystem, and build internal partnerships.CISOs are key to building digital trust.”

KPMG report shows rising expectations for cybersecurity and privacy

Source link KPMG report shows rising expectations for cybersecurity and privacy

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