With over 55 percent of organizations expressing significance of having a digital trust framework from ISACA research, the global IS/IT association launched a Digital Trust Ecosystem Framework (DTEF) to address the need.
ISACA has designed the framework to aid organizations to focus on trust holistically by leveraging technology securely, increasing collaboration, reducing reaction times to unforeseen events, focusing on brand management and improving financial performance through enhanced trust.
“Strengthening digital trust is not just a one-time exercise, but a continuous practice of proactive relationship building between enterprises and stakeholders that is both responsible and profitable while also addressing underlying ethical questions,” says Rolf von Roessing, member of the ISACA Digital Trust Working Group and lead developer of the framework, and partner and CEO at FORFA Consulting AG.
Through the framework and portfolio of resources, organizations can not only understand but also deploy practices that impact their trustworthiness and reputation by solving key components of digital trust: integrity, security, privacy, resilience, quality, reliability and confidence.
“Having a framework to guide organizations as they integrate trustworthiness into their technology and business operations ensures that they are covering all ground, minimizing risk and maximizing impact”, added Roessing.
ISACA’s upcoming State of Digital Trust research indicates that high levels of digital trust proves beneficial in enhancing positive reputation (71 percent), having more reliable data for decision-making (60 percent), and experiencing fewer privacy breaches (60 percent) and fewer cybersecurity incidents (59 percent), and stronger customer loyalty (56 percent).
“High levels of digital trust ultimately improve financial performance by lowering the risk of impact of data and cyber breaches and associated regulatory fines,” said Shannon Donahue, ISACA chief content and publishing officer.
“Organizations can also see greater gains from responsible digital investments, and the Digital Trust Ecosystem Framework helps with both of these”, added Donahue.
The new Digital Trust Ecosystem Framework looks at people, process, technology and organization. By performing an in-depth study into the culture, human factors, emergence, enabling and support, direct and monitor, and architecture the framework provides organizations with trust factors, practices, activities and outcomes to help them in their digital trust journey.
The framework is designed to suit various existing frameworks and best practices, including COBIT, ITIL, GDPR, and numerous ISO and NIST standards.
Additionally, ISACA is also publishing an interactive guide, DTEF Interactive Guide, to help organizations use the framework effectively.
“In a tech and business landscape that is transforming more quickly than ever, digital trust is a key differentiator in advancing resilience, reputation, and ultimately, organizational success,” says Erik Prusch, ISACA CEO. “Implementing digital trust practices must be intentional, and ISACA is equipping enterprises with transformational tools to build trust with their stakeholders and see positive impact.”