Strategies for Resolving Digital Trust In Nigeria Businesses
The most crucial factor in every business’ success, whether it be digital or analogue, is trust. The demand for IT services and infrastructures, and the adoption of digital technologies such as mobile devices, the internet, and cloud computing are currently on the rise, to this end, it has become imperative to ensure that digital systems are used in ways that are beneficial to businesses in Nigeria and the world at large.
Many reputable organizations have experienced cybersecurity incidences and privacy scandals which have eroded trust in digital systems and ruined the reputation of such organizations. However, it has become critical that organizations must prepare to deal with the fast-evolving threat landscape with an understandable, and robust cybersecurity strategy in order to protect the organization’s assets and reputation.
What is Digital Trust?
This is the confidence that consumers have that an organization they are transacting business with, protects their data and enacts effective cybersecurity measures.
How Does it work?
Digital trust divides dependable services from corrupt ones, helping the user decide on a secure company rather than an unreliable one. It creates a bond between a user and an organization, and assures the user that they will be receiving what they are asking for in a safe, secure and reliable manner. The more digital trust a company receives, the more likely it will be to gain more users.
To address the issue with Digital trust, we must first understand the factors that contribute to digital trust.
- Governance: These are the policies and procedures organizations can implement to ensure the effective management of digital trust.
- People: These are the roles and responsibilities of individuals within the organization as well as the skills and knowledge to manage the digital trust
- Processes: This are the procedures that organizations put in place to manage digital trust.
- Technology: The systems such as encryption, instruction detection, and prevention systems that organizations use to support digital trust.
Strategies for Restoring Digital Trust
Digital trust is only achievable by organizations that implement forward-looking, modern cybersecurity strategies. considering the rise of data breaches, privacy scandals and misinformation, restoring digital trust can be a challenging task. To restore digital trust, organizations can implement the following strategies:
- Security: Organizations should prioritize security by implementing robust security measures, such as encryption, secure authentication, and intrusion detection and prevention systems. They should proactively carry out periodic Vulnerability Assessment and Penetration Tests (VAPT) on their digital environment.
- Effective communication: Organizations should communicate effectively with their customers and other stakeholders by providing clear and accurate information about digital systems and responding promptly to any concerns or questions. As a result, trust is built when customers are aware that the organization is transparent, responsive, and cares about their customers’ concerns.
- Compliance: Organizations should ensure that they are compliant with all applicable laws and regulations and that they are following industry best practices for data protection and privacy. In Nigeria, an example of laws and regulations are NDPR, Cybercrime Act 2015, etc.
- Culture of Trust: Data is continuously growing and diversifying, and its governance has expanded far beyond privacy and regulation. The staggering influence, relevance and importance of data must be acknowledged proactively in cyber-security strategies – governing, rather than merely guiding. Organizations should establish a clear governance structure to manage digital trust, including a dedicated team responsible for data protection, privacy and cybersecurity awareness.
- Continuous Monitoring and Improvement: Organizations should continuously monitor and improve their digital trust ecosystem. Assessing digital trust risks and opportunities, developing a strategic plan, implementing controls, monitoring the digital trust ecosystem, and adapting to new risks and opportunities are ways of monitoring and improving the digital trust ecosystem.
Resolving digital trust is a complex task that requires a comprehensive strategy and commitment from the entire organization. By being transparent, communicating effectively, prioritizing security, ensuring compliance, fostering a culture of trust, and continuously monitoring and improving their digital trust ecosystem, organizations can restore trust with their customers and other stakeholders, resulting in increased revenue, customers and partnerships, redeemed reputation, employee productivity.