March 07, 2024 - According to upcoming ISACA research, more than half of organizations (55 percent) believe it is crucial for an organization to have a digital trust framework. To meet this need, global IS/IT association ISACA has launched a new framework designed to help organizations 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.
The Digital Trust Ecosystem Framework (DTEF) and portfolio of resources helps organizations understand the practices they can undertake to impact their trustworthiness and reputation by addressing the key components of digital trust: integrity, security, privacy, resilience, quality, reliability and confidence.
According to ISACA’s upcoming State of Digital Trust research, the benefits of high levels of digital trust include 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). Digital trust, defined as confidence in the integrity of the relationships, interactions and transactions within an associated digital ecosystem, can also strengthen an organization’s bottom line.
“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.”
Following an earlier beta release that enabled ISACA to include expert input from around the globe into the final version, the newly released Digital Trust Ecosystem Framework focuses on the elements of people, process, technology and organization, drilling down into the domains of culture, human factors, emergence, enabling and support, direct and monitor, and architecture to provide organizations with trust factors, practices, activities and outcomes as part of their digital trust journey. The framework is designed to be compatible with many existing frameworks and best practices, including COBIT, ITIL, GDPR, and numerous ISO and NIST standards.
“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. “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.”
ISACA is also publishing an interactive guide to help organizations effectively use the framework in a format that is innovative and new to the organization. The DTEF Interactive Guide allows users to explore the content of the framework with 3D modeling, use cases, and a visual experience. A DTEF Implementation Guide and the Introduction to the Digital Trust Ecosystem Framework Short Course are also available. ISACA also has issued the Digital Trust Board Briefing, available exclusively to members for 60 days, followed by a wider public release.
“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.”
To access the Digital Trust Ecosystem Framework and resources, visit https://www.isaca.org/digital-trust. Additionally, read more about the five ways that the framework can be a difference-maker for organizations in this graphic.
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