DIGITAL TRUST

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 By Dr. Sridevi.K.B


The above image is a recent post appeared in a hacking portal, that has marketed 2,19,675 customers’ database of Starbucks- Singapore. Though it is difficult to believe such a data breach, but it is officially confirmed by Starbucks and communicated to their customers. This incident is a live illustration of how the data theft has shattered the trust among the customers of a multinational conglomerate. The data was hacked from the customers’ orders which were placed through Starbuck’s APP and online. 

The fundamental and foundational element for any strong and healthy relationship is ‘TRUST’. It is not only in the case of interpersonal relationship, but for digital relationships too.

Recently, Mckinsey has conducted global research with 1300 business leaders and 3000 consumers and found that digital trust is not only fulfilling the customers’ expectations but also ensure business growth. The study has also identified that organizations which are able to establish digital trust among consumers could have 10% more of annual revenue and EBIT growth.

KPMG has done intensive research on digital trust and created a feasibility model for strengthening it by focusing on the core attributes like reliability, transparency, security, credibility and integrity. All these five attributes are equally important and cautious implementation of these attributes will facilitate the businesses to avoid all the pitfalls in the process of building ‘Digital Trust’.

In the present scenario, data is the real asset of any business and the stake holders will share their real data only when they feel that they are safely taken care by the marketer. Ensuring Digital trust becomes the core digital ethics of all the businesses for their sustainability. Digital transformation is creating a crucial challenge to the businesses for ensuring Digital trust among their stake holders. But, the brands which are competent enough of ensuring digital trust will be the choice of all the stake holders.

 References

1.      https://www.mckinsey.com/capabilities/mckinsey-digital/our-insights/data-ethics-what-it-means-and-what-it-takes

2.      https://www.bleepingcomputer.com/news/security/hacker-sells-stolen-starbucks-data-of-219-000-singapore-customers/

3.    https://home.kpmg/xx/en/home/media/press-releases/2022/10/digital-trust-matters-as-cybersecurity-and-privacy-expectations-increase.html

4.      https://hbr.org/2018/02/the-4-dimensions-of-digital-trust-charted-across-42-countries

5.      https://www.engati.com/blog/what-is-digital-trust-and-why-its-important

6.      https://www.accenture.com/us-en/insights/blockchain/digital-trust



                                                     

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