Digital Trust Insights

Digital businesses that lead in safety, security, reliability, privacy and data ethics will be the titans of tomorrow.

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Digital Trust Insights 2018

A journey worth taking

If the lifeblood of the digital economy is data, its heart is digital trust—the level of confidence in people, processes, and technology to build a secure digital world. Companies, regulators, and consumers need fresh mechanisms to build confidence as they address emerging challenges in business, risk management, and compliance.

Our inaugural PwC Digital Trust Insights survey asked 3,000 business leaders worldwide about the readiness of their organisations to address digital business, risk management and compliance challenges. We have identified 10 major opportunities for improvement around people, processes and technology and actionable insights to get your there.

Digital trust is a journey—make certain you have the right people, the right tools, and the agility to reach the top.

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If Australian businesses want to continue to reap the benefits of data and new technologies, they need to make sure they are doing enough to manage the downside risks.

Key statistics in the Australian Market

Considering that cyber and privacy are top threats to business, it’s a concern that:

Less than a third (28%) of Australian companies plan to invest in new security and privacy safeguards.
Only 20% are ‘very comfortable’ the board is getting adequate reporting on cyber and privacy risk.
Across all technologies, there is a significant gap between how critical the technology is to the business (high) and the confidence that cyber and privacy risks are being adequately addressed (low).
Less than a quarter (24%) of Australian companies have a Chief Information Security Officer in charge of enterprise-wide data security; even fewer (18%) have a Chief Privacy Officer.

What do the stats tell us?

The gap between the appetite for new tech and the confidence to manage it safely is a serious concern.
If Australian businesses want to continue to reap the benefits of data and new technologies, they need to make sure they are doing enough to manage the downside risks.
Companies are not paying enough attention to cyber and privacy. It’s not being adequately funded, and it’s not being given the right level of seniority.
Business today is data-driven. It’s time for companies to elevate accountability for the security and privacy of data to the C-suite.
The days of reporting up through the General Counsel, Chief Compliance Officer and Chief Information Officer are over. Management structures need to reflect the fact that data – and therefore cyber and privacy – is well and truly a ‘business-critical’ issue.
Cyber and privacy are not technical issues, they are business issues. Accountability should, therefore, sit with someone who is least a peer of the CIO.